Bromium Announces $40M Series C Funding
New funding will be used for continued product development
CUPERTINO, Calif. – October 23, 2013 - Bromium, Inc., a pioneer in trustworthy computing, today announced it has raised $40M in an oversubscribed Series C funding round led by new investor Meritech Capital Partners, with participation from existing investors Andreessen Horowitz, Ignition Partners, Highland Capital Partners, and Intel Capital. The new funding will be used for continued product development and to accelerate sales in North America, EMEA, Japan and APAC.
"Bromium is privileged to be working with a group of investors who are committed to building a company that is transforming cyber-security – without relying on ineffective, legacy detection-centric techniques," said Gaurav Banga, co-founder and CEO of Bromium. "Demand for our flagship vSentry® and LAVA products continues to grow. We have doubled revenue each quarter this year and now plan to accelerate our international expansion and strengthen our development team."
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Rob Ward, managing director at Meritech Capital, led the Meritech investment and will represent his firm on the Bromium board. Ward, who led Meritech's successful investments in Fortinet (FTNT), Imperva (IMPV) and Proofpoint (PFPT) commented, "Rapid adoption of cloud computing, mobility and consumerization leave enterprises more vulnerable than ever, at a time when cyber-crime is at an all-time high. Bromium is uniquely positioned to transform enterprise security. Its technology is revolutionary – as profoundly important for security as virtualization was for the data center. It adds durable protection against advanced malware to every end point, and provides unparalleled insights into malware intent. We are very impressed with Bromium's success in the marketplace, and are thrilled to join the team."
Bromium vSentry uses Intel CPU and chipset features to hardware-isolate tasks that access the Web, attachments and files that might contain malware, protecting the desktop by design. Commenting on Intel Capital's investment, Rick Echevarria, VP, PC Client Group and GM, Intel Business Client Platform Division said, "Intel platforms uniquely offer customers hardware security features that can transform enterprise security. Bromium, as a valuable Intel partner, takes advantage of these features, and their success demonstrates the value of hardware-based security in defeating advanced malware."
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Bromium is re-inventing enterprise security with its powerful new technology, micro-virtualization, which was designed to protect businesses from advanced malware, while simultaneously empowering users and delivering unmatched threat intelligence to IT. Unlike traditional security methods, which rely on complex and ineffective detection techniques, Bromium protects against malware from the Web, email or USB devices, by automatically isolating each user-task at the endpoint in a hardware-isolated micro-VM, preventing theft or damage to any enterprise resource. Bromium's technological innovations have earned the company numerous industry awards including being named as a CNBC Disruptor and a Gartner Cool Vendor for 2013. Bromium counts a rapidly growing set of Fortune 500 companies and government agencies as customers, including NYSE, BlackRock, and ADP.