Bandura Systems Closes $3.5 Million Seed RoundCompany that pioneered Threat Intelligence Gateways for US government expands executive team, announces dual headquarters
COLUMBIA, Md. and ST. LOUIS, March 07, 2018 (GLOBE NEWSWIRE) -- Bandura Systems, which pioneered the threat intelligence gateway (TIG) in part with the U.S. Department of Defense, today announced it has closed its seed funding round. The $3.5 million financing came from Blu Ventures, Gula Tech Adventures, the Maryland Tech Development Corp. (TEDCO), Prosper Women Entrepreneurs (PWE), SixThirty, SixThirty Cyber and UMB Financial Corporation. TIGs are stand-alone threat prevention appliances that can process millions more threat indicators than traditional network security enforcement approaches. They help protect corporate networks by more effectively blocking known threats and making threat intelligence actionable. They also complement and improve the performance of existing security solutions like firewalls and Security Information and Event Management (SIEM) software reducing the number of events that need detection and response, making employees more effective.
The funding will be used to support the growing demand for Bandura Systems PoliWall® TIG™ whose revenue quadrupled in 2017. Bandura is expanding its executive team, recently hiring prominent cybersecurity executive Chris Fedde as its new CEO and today also announcing Todd Weller as its Chief Strategy Officer. Fedde helped Bandura quickly close the round and is positioning the company for future growth. Weller will drive strategy and execution across corporate development, marketing, product management, and strategic alliances and partnerships. Prior to Bandura, Weller served as Vice President of Corporate Development and Marketing at Hexis Cyber Solutions, Inc. which was sold to a firewall vendor owned by Silicon Valley investors. He spent nearly two decades covering cybersecurity as a Wall Street analyst at some of the world’s most prominent financial services firms like Stifel, Nicolaus & Company, and Legg Mason.
“The cybersecurity market has been heavily focused on identifying ‘advanced’ threats, but that has put pressure on security teams to effectively and efficiently block the huge volume of known dangers,” said Fedde. “Threat Intelligence Gateways fill this role by addressing a key gap in existing security controls, which are not built to consume threat indicators on the millions of bad IPs and domains that exist. I’m excited to join Bandura, the company that pioneered TIGs, as enterprises of all sizes can begin using these Threat Intelligence Gateways.”
According to Ron Gula, head of Bandura investor Gula Tech Adventures and former CEO of Tenable Network Security, "The cybersecurity industry has done a great job producing threat intelligence, but Bandura can apply it. Bandura Systems allows organizations to be proactive in blocking these known threats to better protect their networks."
In addition to announcing its funding and new executive appointment, Bandura is also announcing today it will have dual headquarters. Columbia, Maryland will now house Bandura’s business headquarters and Lake St. Louis, Missouri its engineering headquarters. For the exact location of Bandura’s offices, go to https://bandurasystems.com/contact.html.
About Bandura Systems
Bandura Systems pioneered the Threat Intelligence Gateway (TIG) in part with the U.S. Department of Defense. Bandura’s PoliWall™ is the most comprehensive, scalable and granular TIG platform on the market. Organizations worldwide use TIGs for the automation and control needed to operationalize hundreds of million threat indicators blocking known threats before they even reach the network firewall. Underlying Bandura’s robust technology are more than 50 issued and pending patents. To learn more about how Bandura’s PoliWall TIG reduces an organization’s attack surface, operationalizes threat intelligence and helps get more out of existing security investments, visit https://bandurasystems.com.
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A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/7f66bae4-36a8-48eb-8b8a-e2f30975ad49