CloudPassage Lands $14M For Series BCompany will use financing to accelerate market penetration of Halo
SAN FRANCISCO — April 11, 2012— CloudPassage™, the leading cloud server security provider, has completed a $14 million series B financing round, bringing the company’s total funding to $21M. The round was led by Tenaya Capital, with participation from existing investors Benchmark Capital and Musea Ventures. Brian Melton, Managing Director at Tenaya Capital, will join the CloudPassage board of directors.
The company will use the financing to accelerate market penetration of Halo, its award-winning cloud server security platform and extend its functionality with groundbreaking innovations previously in stealth development. CloudPassage continues to leverage excellent go-to-market timing as Forrester Research predicts the cloud security market to grow to $1.5 billion in 2015.
“With the cloud quickly gaining traction, we were the first to provide a security platform that allows companies to safely leverage this new computing model. We’ll be extending our leadership in the IaaS security space with innovations that will change how companies look at server security altogether” said Carson Sweet, co-founder and CEO of CloudPassage. “We’re excited to have the continued backing and expertise of top-tier investors; both Benchmark and Tenaya are well-known leaders who strengthen the company’s ability to refine and execute on our vision.”
This new round of financing comes at an inflection point for CloudPassage. The company has experienced subscriber growth of over 70 percent during the first two months of 2012, compared with last year. Launching its first commercial product offering, Halo Professional, in November 2011 and Halo NetSec in February 2012, the company is aggressively expanding its customer base.
“We invested in CloudPassage based on the company’s ability to deliver innovative products that address a large market opportunity,” said Melton. “Security has been a key barrier to cloud adoption, and the company’s comprehensive cloud server security platform is well positioned to solve this problem.”
CloudPassage helps companies maintain their competitive edge by leveraging the economies of the cloud - securely. Its award-winning Halo server security platform is the only solution purpose-built to operate seamlessly across public, private and hybrid clouds. Halo offers powerful automation of cloud firewall management, vulnerability management, network access control, server account administration and security event alerting. Halo makes it faster and easier to comply with regulatory demands, and it works across all cloud infrastructure providers and hypervisor platforms. Halo Basic is free for up to 25 servers and can be installed in less than five minutes at www.cloudpassage.com/free.
CloudPassage is the leading cloud server security provider, and creator of Halo™, the industry's first and only security and compliance platform, purpose-built for elastic cloud environments. Halo supports cloud server bursting, cloning, and migration and operates across public, private, and hybrid cloud environments. Industry-leading companies like Foursquare, StrongMail and Exois trust Halo to seamlessly manage their server security configuration, host-based firewalls, intrusion detection, and server account auditing from one system.
Headquartered in San Francisco, Calif., CloudPassage is backed by Benchmark Capital, Tenaya Capital and other leading investors. Gartner, Inc. named CloudPassage one of four "Cool Vendors in Cloud Security services, 2011." For more information, please visit: www.cloudpassage.com.
About Tenaya Capital
Tenaya Capital is a leading venture capital firm with offices in Woodside, California, and Boston, Massachusetts. Founded in 1995 as Lehman Brothers Venture Partners, Tenaya became an independent company in 2009. Over the years they've raised five funds representing over $1 billion of committed capital, investing it in a wide range of high-growth technology companies including software, consumer Internet, communications, semiconductors, electronics, and cleantech. For more information, visit www.tenayacapital.com.
About Benchmark Capital
Benchmark Capital, a leading venture capital firm, was founded in 1995 to help talented entrepreneurs with original ideas build successful technology companies. Benchmark’s general partners take a team-oriented, labor-intensive approach to venture investing to deliver a superior level of service to the firm’s portfolio companies. Benchmark’s portfolio includes high-profile startups like Infinera, MySQL, OpenTable, Second Life, Tellme, Yelp and Zillow, and franchise companies such as eBay, Juniper Networks and Red Hat. The firm manages more than USD 2.4 billion in committed venture capital. For more information on Benchmark Capital, visit its website at www.benchmark.com.
About Musea Ventures
Musea Ventures is a family venture group run by a father and son team of technologists who specialize in launching groundbreaking companies. Founded in 2006, Musea has differentiated itself with its deep commitment to supporting entrepreneurs from the earliest stages of conception through to a company's maturity. Musea led the seed round of investment for CloudPassage.