Vormetric this week announced $15 million in new funding, spearheaded by Split Rock Partners, along with existing investors Quicksilver Ventures, JK&B Capital and Sigma Partners. In a statement, the company said this round of funding will aid its growth in key market segments, help it develop new technologies, and bolster plans for international expansion.
“The best way for organizations to protect what matters is to secure sensitive data as close to the source as possible”, the firm noted – advocating a data-centric approach to security. The approach is one Vormetric said will “address the security requirements of enterprise, service provider and government customers who must contend with serious IT issues surrounding the cloud, Big Data and advanced persistent threats (APTs)”, in addition to ever-changing global compliance rules.
"Vormetric is transforming the way enterprises and government organizations approach security”, said Jim Simons, managing director at Split Rock, in a press release statement. Simons will also be joining Vormetric’s board of directors.
“Given how much we’ve read about APTs recently, it’s clear that perimeter security is failing and that servers and privileged users are the big targets”, he added. “To protect sensitive data such as customer information, financial data, and intellectual property in an era of cloud computing, Big Data and APTs, it is vital to firewall your sensitive data, put in place fine-grained access controls and gather security intelligence to detect unusual behavior patterns. Vormetric Data Security is a category leader that helps its customers to do exactly that, which is why we decided to invest.”
Vormetric attests to over 1,100 customers worldwide, including 17 of the Fortune 25 firms, four of the top five commercial banks, and leaders in telecommunications, financial services, and healthcare. The firm has also maintained profitability since 2009.
“The growing customer demand we’ve seen over the past year for our data firewall, encryption and key management solutions validates our ‘inside-out’ approach to protecting valuable data”, said Vormetric’s CEO, Alan Kessler. “We will use this new funding to cement our leadership position by addressing high-growth use cases such as the Cloud and Big Data, helping our enterprise and government customers thwart the rising tide of APTs, enhancing our ability to continuously innovate, and further expanding our international footprint."