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Liquid Machines Drinks $10 Million

Liquid Machines Inc., a Waltham, Mass.-based provider of enterprise rights management solutions, has raised $10 million in Series D funding. RRE Ventures led the round, and was joined by return backers Goldman, Sachs & Co., Atlas Venture, Masthead Ventures and Draper Fisher Jurvetson. The company has now raised around $37 million in total VC funding since 2002.

 

PRESS RELEASE

Liquid Machines, Inc., the leader in Enterprise Rights Management (ERM) solutions, announced that it has closed its Series D financing with $10 million from both new and existing investors. RRE Ventures, the lead investor in the round, has joined existing investors Goldman, Sachs & Co. (NYSE: GS), Atlas Venture, Masthead Ventures and Draper Fisher Jurvetson in supporting Liquid Machines' high growth operations and global expansion. The funds will be used to build on Liquid Machines' success in the commercial and public sector markets, scale its operations and begin international distribution to meet the global demand for its enterprise rights management solutions.

 

In addition to the investment, Will Porteous, General Partner of RRE Ventures, will join Liquid Machines' Board of Directors. “Liquid Machines is the leading software vendor of enterprise rights management solutions in the rapidly growing information protection market,” said Porteous. “Mike and his team have demonstrated the industry knowledge, vision and operational excellence to create a market-dominating company. We look forward to supporting their efforts in accelerating Liquid Machines' growth as a great software company.”

 

“We are pleased to have RRE Ventures and Will Porteous join the Liquid Machines team,” said Michael Ruffolo, Chairman and CEO of Liquid Machines. “Liquid Machines delivered on its key milestones in 2007, including record revenues, new products, increased enterprise deployments and new strategic partnerships. This new round of funding is testament to our role as leaders in the high-growth market of information protection and will enable Liquid Machines to broaden its global reach while continuing to drive innovation into our award-winning enterprise rights management products.”

 

About Will Porteous

Mr. Porteous is a General Partner with RRE Ventures. Before joining the venture capital industry, Mr. Porteous held senior management positions in marketing and product management with SupplyWorks and NetMarket, the e-commerce pioneer now owned by Cendant Corp. Mr. Porteous is a Director of Coldwatt, Data Robotics, Electric Cloud, NTM, Skyhook Wireless and Softcoin and a former Director of Frictionless Commerce (acquired by SAP) and Tacit Networks (acquired by PKTR). In addition, he is actively involved in the firm's investment in PrimeRevenue. He also serves as an Adjunct Associate Professor at Columbia Business School and as Chairman of the Dockery Farms Foundation, which he founded. Mr. Porteous holds an MBA from Harvard University, an MSc from the London School of Economics and Political Science, and a BA with Honors from Stanford University, where he served as Captain of the Varsity Crew.

 

About RRE Ventures

Since its founding in 1994, RRE Ventures has been dedicated to helping talented management teams build leading companies in the software, communications, and financial services industries. With $850 million in assets, the firm backs entrepreneurs and management teams that possess the knowledge, vision and discipline to create market-dominating companies. RRE's team offers a unique combination of management, operations, and investment expertise, as well as an unrivaled network of relationships, that has helped build over 90 companies. For more information, visit www.rre.com .

 

About Liquid Machines

Liquid Machines is the leading provider of Enterprise Rights Management (ERM) solutions that prevent the misuse, modification, loss or theft of intellectual property and sensitive information. By applying access and usage controls with the data, electronic information is persistently protected while at rest, in transit and in use — empowering employees to securely collaborate and work with native file formats and applications. Liquid Machines enables global companies in the financial services, government, manufacturing, retail and healthcare industries to protect intellectual property regardless of where it goes, generating robust access and usage reports that demonstrate compliance with privacy and industry regulations. Based in Waltham, Massachusetts, Liquid Machines is privately held and is backed by Atlas Venture, Draper Fisher Jurvetson, Goldman Sachs & Co., Masthead Venture Partners and RRE Ventures. For more information on the company and its vision for The Freedom of Security