SAN JOSE, CALIF. – Feb. 25, 2015 – Dtex Systems, a global insider threat protection company, today announced it has closed $15 million Series A funding co-led by Norwest Venture Partners and Wing Ventures. With strong market traction and proven success in EMEA and APAC, the financing marks the company’s entry into the U.S. market as it moves its corporate headquarters to Silicon Valley. Dtex Systems will use the new capital to expand the company’s reach and widen the availability of its advanced endpoint security solutions that enable enterprises to proactively stop insider cyber threats while safeguarding employee privacy and meeting international privacy laws.
Dtex Systems shares similar investor DNA with security giants FireEye and MobileIron with the addition of Gaurav Garg, founding partner at Wing Venture Partners, and Promod Haque, senior managing partner at NVP both joining the board.
The company’s expansion into the U.S. market comes at a time when 89 percent of organizations admit that they are at risk from the insider threat. Insider threats are the final frontier in cyber security, with a renewed focus driven by recent high-profile insider attacks, such as the Morgan Stanley data breach impacting approximately 350,000 wealth management clients and an AT&T breach in which an employee illegally accessed the personal information of an unspecified number of users in August 2014.
“Companies have hit a wall when it comes to using legacy technologies to stop insider threats. Pulling information from traditional security data sources doesn't provide the hard evidence required to take immediate action – an audit trail must be collected directly from every endpoint,” said Mohan Koo, CEO and founder of Dtex Systems. “Dtex has adopted a ‘trust but verify’ approach which enables people-centric analytics to secure the endpoint, without compromising employee privacy.”
Dtex Systems has spent 15 years developing the market’s most lightweight and privacy-compliant endpoint security micro-agent. The solution can be quickly deployed across thousands of company endpoints without hindering device or network performance. Dtex technology gives enterprises an unmatched view into activity across the organization to quickly and effectively mitigate threats ranging from intellectual property theft, attacks launched by malicious insiders with access to internal systems, and accidental disclosure of sensitive materials by employees.
Dtex’s endpoint technology only captures metadata and automatically strips out all user information, providing a non-invasive, privacy-compliant solution. Dtex Systems’ experience working in countries throughout the APAC and EMEA regions, known for strong employee privacy rights, has paved the way for development of a solution that meets and exceeds the need for U.S. enterprises to balance security with employee privacy.
“Endpoint is the final frontier,” said Promod Haque, senior managing partner at Norwest Venture Partners. “Network perimeter solutions and log data aggregation tools aren’t sufficient anymore—the market is moving towards securing the endpoint, and Dtex is able to provide visibility and security in an elegant, employee-friendly solution. Dtex has a proven track record abroad and we look forward to standing beside them as they conquer this significant problem facing businesses today.”
“Organizations are increasingly aware that the employee endpoint is the Wild West from a security stance and are demanding non-invasive technologies that respect the privacy of their employees,” said Gaurav Garg, founding partner at Wing Ventures. “Dtex has cracked the code by developing a lightweight, scalable endpoint solution that preserves end-user privacy yet provides fine grained monitoring and control to prevent both malicious and accidental insider threats.”
“Global organizations have invested heavily to lockdown the perimeter to keep bad actors out, and now they are laser focused on securing the endpoint and devoting budget dollars to this area,” said Chris Burke, former CTO of Vodafone and long term investor/advisor with Dtex. “Until now, the U.S. market has lacked a good insider threat solution and Dtex has combined complete endpoint visibility with advanced analytics to solve a challenging problem across global enterprises.”
About Dtex Systems
Dtex Systems is a global insider threat protection company that prevents cyber security breaches originating within an organization while protecting employee privacy. Dtex gives enterprises unmatched visibility across all endpoints to stop intellectual property theft, malicious insider attacks and the accidental disclosure of sensitive materials. Its flagship micro-agent is the first truly lightweight, massively scalable and privacy-compliant solution that can be quickly deployed across thousands of company endpoints with no noticeable system or network impact. Dtex Systems is headquartered in San Jose, California, with offices around the world. To learn more, please visit www.dtexsystems.com.