Private equity investor Adams Street Partners led a $15 million round for cyber security company Damballa Inc. Adams Street was joined by undisclosed existing shareholders. David Welsh, partner at Adams Street, will join the Damballa board.
Damballa Inc., the company transforming the fight against cyber threats, has closed $15 million in growth funding to help accelerate sales and distribution through channels to meet the rising market demand for the Damballa advanced threat protection solutions.
Adams Street Partners is leading this funding round and is joined by existing investors, who added to their equity stake in the company. David Welsh, partner at Adams Street, will join the Damballa Board.
“Adams Street Partners has been looking to invest in the growing network security market for some time, and we are excited to come on board with Damballa,” said Welsh. “We were intrigued by several aspects of Damballa’s business, including the technology, people and customer base. We realized that Damballa is truly defining the next generation of Internet Security. Damballa technology is unique in its approach to protecting organizations against targeted, zero-day and advanced malware threats. In addition, the talent and energy within the organization is unparalleled.”
“We are delighted with the dynamic and experienced team that Adams Street brings to Damballa,” said Val Rahmani, CEO of Damballa. “Companies in all industries urgently need a better way of protecting their enterprises and their customers. With significant innovations in our product and advances in our threat research capabilities, Damballa is clearly positioned to capitalize on the expanding market of advanced threat protection. Damballa has been executing on our growth strategy, and with this round of funding, we will be able to greatly accelerate marketing, sales and channel programs.”
“Today’s advanced criminal operators can easily evade traditional security technologies,” said Rahmani. “Threats are hiding in many corporate networks today despite layers and layers of security, and bring-your-own-device initiatives (BYOD) only make securing the enterprise more difficult. With our network-based approach and patent-pending analytics techniques, Damballa customers are experiencing a strong return on their investment by reducing their overall cost of threat detection and incident response, while rapidly identifying and terminating criminal activity before it can do harm.”
About Adams Street Partners
Adams Street Partners, LLC is a leading private equity investment firm, providing primary and secondary partnership and direct investment management services to institutional clients around the world. Adams Street is one of the largest managers of private equity investments globally and manages more than $23 billion of committed capital. Together with its predecessor organizations, Adams Street Partners has been managing direct investments in private equity since 1972 and investing in private equity partnerships since 1979. Adams Street Partners has offices in Chicago, London, Menlo Park, Singapore and Beijing.
Damballa is a leading provider of advanced threat protection solutions for corporate, telecommunications and Internet service provider networks. Damballa provides the only network security solution that detects both criminal command-and-control (C&C) behaviors and inbound malware; automatically correlating all evidence of criminal behavior to uncover hidden infections and terminate the criminal activity. Patent-pending solutions from Damballa protect networks with any type of server or endpoint device including PCs, Macs, Unix, smartphones, mobile and embedded systems. Damballa protects more than 200 million endpoints worldwide at mid-size and large enterprises in every major market. http://www.damballa.com