California-based Confidela, the maker of document protection and tracking system WatchDox, wrapped a $9.25 million round of funding from existing investors Gemini Israel Funds and Shlomo Kramer, as well as new contributor Shasta Ventures.
The funding, announced Tuesday morning, is the company’s second round; Gemini and Kramer (one of the founders of Check Point and Imperva) had injected $5.5 million into the startup from which, according to Adi Ruppin, the company’s VP of business development, Confidela has some reserves remaining from the initial investors.
But not for long.
Ruppin said the company will hire a VP of sales and staff to support Confidela’s growing client base. Already, the company has established relationships with clients that have highly-sensitive data room needs, including bankers and professionals from the pharmaceutical and biotech industries looking for a safe place to huddle over licensing and M&A documents. Further, he said, Confidela will look to bring on new engineers, as well. It is unlikely Confidela will go out seeking acquisition targets, however.
Despite having only one California office (this may soon change), Confidela is growing internationally.
“We have pretty good momentum in Australia,” Ruppin said.
The company declined to specify financials, but Ruppin said he expects Confidela will be profitable soon.