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eIQnetworks Closes $10 Million Round In Company's First Institutional Financing
eIQnetworks positioned to capitalize on the significant market opportunity for security and compliance management
January 22, 2009
5 Min Read
ACTON, Mass.—January 21, 2009—eIQnetworks', Inc., the company redefining security and compliance management, recently closed a $10 million round of financing. Venrock led the company's first institutional round, recognizing that eIQnetworks' solutions are poised to become a de-facto standard way to react faster to IT security threats, automate regulatory compliance initiatives, and streamline and improve security operations. eIQnetworks will use the funding to rapidly expand its marketing, sales and product development efforts.
"We are very excited to join the eIQnetworks team," said Mike Tyrrell, a partner at Venrock who is joining eIQnetworks' Board of Directors. "Even in today's current economic climate, the company is growing quickly because its products solve a significant problem for large enterprises and government agencies. We look for large and compelling market opportunities, a product vision that can meet the market's need, and a team that can execute. eIQnetworks has all of these pieces."
"Raising our first round of venture capital in this kind of economic environment is a true testament to the hard work of our team," said Vijay Basani, CEO of eIQnetworks. "In a time when our competitors are struggling to stay alive, we are growing and redefining what customers expect from security and compliance management by offering situational awareness and end-to-end visibility to detect threats to critical information assets."
eIQnetworks is now positioned to fully capitalize on the significant market opportunity for security and compliance management. In recent months, the company has enhanced its product line while attracting the emphatic support of new executives and advisors. Among the company's many assets:
Proven technology—Customers are selecting eIQnetworks for its innovative approach to security and compliance management, which delivers a clear and comprehensive picture of an enterprise's security and compliance posture. Going beyond traditional SIEM and log management competitors that evaluate IT threats by looking only at log data, eIQnetworks SecureVue' correlates log data with other critical and essential security data, such as configuration, asset, performance, vulnerability, and network flow data. This broad correlation across all data sources increases operational efficiency and cost savings through increasing the accuracy of breach detection, eliminating policy violations, accelerating forensic analysis, and reducing the need for other solutions.
Deep executive bench—eIQnetworks announced key additions to its management team in 2008, when Jim Geary joined as president and Mike Rothman as senior vice president of strategy and chief marketing officer. The two executives offer a distinguished track record managing and driving the rapid growth of IT security companies.
"eIQnetworks is winning business because it's becoming very apparent that log data is not enough given the deluge of security attacks," said Geary. "The hackers are adapting their efforts to easily outsmart traditional SIEM tools by turning off logging. eIQnetworks spots attacks that are missed by other SIEM products simply because they are not looking at the broad array of data sources that we analyze and correlate. In the process, we eliminate the long deployment cycles and redundant costs associated with other security approaches that rely on multiple security monitoring products, complicated database systems, and overlapping reporting mechanisms."
Successful advisors—Mike Tyrrell brings to eIQnetworks a history of identifying companies that become market leaders. On the Board of Directors he joins Vijay Basani, Jim Geary and Cheng Wu, a serial entrepreneur in the networking, mobile content and virtualization markets who has served in various executive roles at a series of companies.
"In addition to providing the initial funding for technology industry giants, such as Intel and Apple, Venrock has been one of the most successful security investors providing funding for security leaders like Check Point, Vontu, Pedestal Software, IMLogic, Whole Security, Imperva, and now eIQnetworks," continued Basani. "Having a set of advisors like Mike Tyrrell and Cheng Wu who have 'been there and done that' will be invaluable as we establish a market leading position in security and compliance management."
Corporate industry recognition—Red Herring recently selected eIQnetworks as a winner of the Red Herring Global 100 Award program just a few months after honoring the company as one of the best 100 emerging private technology companies in North America for 2008. In August 2008, Inc. Magazine ranked eIQnetworks third among the "Top Security Companies" on the 2008 list of the 500 fastest growing privately held entities.
About eIQnetworks eIQnetworks is redefining security and compliance management by fostering collaboration across security, network, data center and audit teams to more quickly isolate the root cause of security issues and ensure compliance mandates are being enforced. Global financial, media, healthcare, manufacturing, and government enterprises rely on eIQnetworks to make sense of formerly disparate data sources to react faster to emerging threats, automate their compliance efforts, and more effectively monitor security policies. Headquartered in Acton, Mass., eIQnetworks is located online at www.eIQnetworks.com and can be reached at +1 877.564.7787. About Venrock Venrock is a premier venture capital firm with offices in Palo Alto, New York, Cambridge, MA, and Israel. Originally established as the venture capital arm of the Rockefeller family, Venrock continues the eight-decade tradition of partnering with entrepreneurs to establish successful, enduring companies. Having invested $2.3 billion in 430 companies resulting in 124 IPOs over the past 40 years, Venrock's investment returns place it among the top tier venture capital firms that have achieved consistently superior performance. With a primary focus on technology, healthcare, and energy, portfolio companies have included Adify, Adnexus Therapeutics, Apple Computer, Centocor, Check Point Software, DoubleClick, Gilead Sciences, Idec Pharmaceuticals, Illumina, Intel, Millennium Pharmaceuticals, Sirna Therapeutics, StrataCom, and Vontu. For more information, please visit Venrock's website at www.venrock.com.
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