WALTHAM, Mass. -- V.i. Laboratories, Inc. (V.i. Labs), a provider of software protection solutions for securing high-value and mission critical applications, announced today it has closed $8 million in Series B funding.
The new financing was led by Ascent Venture Partners of Boston, and Core Capital Partners of Washington, D.C. Both organizations focus on financing and supporting emerging market leaders. This latest round also includes additional financing from existing V.i. Labs investor Rockford Capital.
We secured this funding based on our ability to differentiate our product from complex alternatives, while capturing a large share of the emerging software protection market, said Joe Noonan, CEO and President of V.i. Labs. Our existing customers and pipeline reinforce our ability to lead in this space. With this financial backing from Ascent, Core Capital and Rockford, we will be able to expand our engineering team and elevate sales and marketing efforts.
We are seeing companies across the globe become more concerned with security as it relates to their systems development lifecycle. Organizations need to be able to deploy software that does not contain critical vulnerabilities and to protect against code theft the intellectual property resident within the software, said Diana Kelley, Vice President and Service Director at the Burton Group, a leading market analyst firm in the computer security market. As a result, solutions that can help organizations protect applications and other IP are in increasing demand.
In a separate release:
WALTHAM, Mass. -- V.i. Laboratories, Inc. (V.i. Labs), a provider of software protection solutions for securing high-value and mission critical applications, announced that Geoff Oblak from Ascent Venture Partners, and Pascal Luck from Core Capital Partners, respectively, have joined V.i. Labs Board of Directors. They join existing Board members Dr. David Pensak, V.i. Labs Founder, Joe Noonan, V.i. Labs CEO and President, and Ross Longfield, Senior Partner at Rockford Capital.
We are pleased to welcome such widely respected and deeply experienced individuals to our board, said Joe Noonan of V.i. Labs. We look forward to leveraging the insight that both Geoff and Pascal can offer, especially as we seek to expand our presence with enterprise and government customers.
Ascent has expertise in identifying new and promising potential in the software protection market, and V.i. Labs product approach and thought leadership is exactly what we look for in a portfolio company, said Geoff Oblak, Partner at Ascent Venture Partners. Based in Boston, Ascent boasts a portfolio that includes successful security and compliance companies such as Network Intelligence, Guardium, and Fidelis.
Vi Labs CodeArmor technology protects enterprises software applications from sophisticated hackers and intellectual property theft, said Pascal Luck, managing director at Core Capital Partners. We are looking forward to working with V.i. Labs stellar management team, and watching their successful evolution and growth in the software application security market.