Denver-based announced today they had raised a $20 million Series B round.
The new funding raises the company’s total venture capital funding to $37 million. ProtectWise spent two years in stealth, developing their Cloud Network DVR system, which was publicly launched in March.
"Today's funding announcement validates the market need for our unique approach to network security," Scott Chasin, CEO of ProtectWise said. "We'll be using the funding to fuel continued market penetration including building out sales and marketing functions and expanding into new geographic markets."
ProtectWise makes a one-stop solution to network security that includes their Cloud Network DVR system. Basically, that system acts like a virtual security camera in the cloud that records everything happening on your network. The company says that network breaches are becoming ever more common, and that on average it takes longer than six months before they’re discovered. Because most organizations do not have long-term network memory, it can take weeks to figure out what went wrong.
"Until now, network security has focused on preventing threats from entering the network. But it is clear that this prevention-centric model is broken," Chasin said. "On average, threats are on corporate networks for 200 plus days before they are detected. Most organizations are literally left in the dark about the threats on their networks."
The most recent funding round was led by Tola Capital, with participation from Crosslink Capital, Trinity Ventures, Paladin Capital Group and Arsenal Partners. As part of the round, Sheila Gulati, managing director at Tola Capital will join ProtectWise’s Board of Directors.
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