Safend, a Tel Aviv-based provider of endpoint data leakage prevention solutions for enterprise computers, has raised $9 million in Series C funding. A “multi-billion dollar European asset management firm” led the round, and was joined by return backers Elron, Intel Capital and Walden Israel Venture Capital.
Safend, an international provider of endpoint Data Leakage Prevention (DLP) solutions for enterprise computers, today announced it has secured its Series C round of funding. The $9 million round is being funded by a leading multi-billion dollar European asset management firm, as well as Safend's existing investors, Elron (NASDAQ: ELRN) (TELAVIV: ELRN), Intel Capital and Walden Israel Venture Capital. The new funding enables Safend to accelerate development efforts of its core technology, new solution offerings, and fund continued growth through strategic partnerships and distribution channels worldwide.
“Safend is a very promising company that is already generating substantial revenues by having the best-of-breed detachable storage and device control solutions on the market,” said Yair Cohen, Vice President at Elron. “With its established management team, industry proven and certified technology, and impressive customer base, Safend is well positioned for continued success.”
“Safend's impressive technical development team is unquestionably among the best we have encountered,” said Noga Kap, General Partner, Walden Israel Venture Capital. “Their continued dedication to their customers through product innovation, quality assurance, and new partnerships makes Safend a solid investment choice for Walden Israel.”
Founded in 2003, Safend has grown to acquire more than 650 customers worldwide and continues to expand its customer base as more organizations increasingly recognize data security as a top priority and strategic asset. According to recent surveys, 79% of all organizations handle sensitive data, 55% of the data remains unprotected and according to the Ponemon Institute, a Michigan-based independent research firm, the average data loss incident will cost an organization $6.3 million.
Safend's award-winning software solutions, Safend Auditor and Safend Protector, enable organizations to reduce the risk of data loss, theft and misuse by monitoring and controlling access to sensitive data. The Safend solution protects confidential data stored on enterprise PCs and laptops by monitoring the transfer of sensitive data and controls access to removable storage devices and wireless communication ports. Safend has often been recognized for having innovative products and has recently received numerous industry awards including the Info Security Hot Company 2007 Award and the 2008 Global Excellence Award for Best Endpoint Security Solution.
“The fact that the original investors subscribed to this round is significant,” said Gil Sever, Safend's Chief Executive Officer. “It validates Safend's strategy and execution performance, and demonstrates our investors' confidence in the market opportunity and demand for our evolving solution. Our investors have a proven track record of investing in successful start-ups. We are pleased to have attracted strong venture partners and look forward to working with them as we continue to address the pervasive problem of data leakage.”
About Elron Electronic Industries Ltd.
Elron Electronic Industries Ltd. (NASDAQ: ELRN) (TELAVIV: ELRN), a member of the IDB Holding group, is a leading Israel-based technology holding company directly involved in the long-term performance of its group companies. Elron identifies potential technologies, creates strategic partnerships, secures financing, and recruits highly qualified management teams. Elron's group companies currently comprise a diverse range of publicly traded and privately held companies primarily in the fields of medical devices, information & communications technology, clean technology and semiconductors. For further information, visit www.elron.com , or contact Rinat Remler, +972-3-6075555 or firstname.lastname@example.org.
About Intel Capital
Intel Capital, Intel's global investment organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software and services targeting enterprise, home, mobility, health, consumer Internet, semiconductor manufacturing, and cleantech. Since 1991, Intel Capital has invested more than US$6 billion in approximately 1,000 companies in more than 40 countries. In that timeframe, about 157 portfolio companies have gone public on various exchanges around the world and another 187 have been acquired by other companies. In 2007, Intel Capital invested about US$639 million in 166 deals with approximately 37 percent of funds invested outside the United States. For more information on Intel Capital and its differentiated advantages, visit www.intelcapital.com .
About Walden Israel
Walden Israel is one of the first Israeli venture capital funds dedicated to investing in early-stage start-ups. Their investment team comprises experienced entrepreneurs and their international affiliation spans twenty-five years of experience in building over four hundred early-stage companies. With over $185 million under management in three funds, Walden Israel concentrates investments in Enterprise Software and e/c-Commerce Technology; and Communication and Internet Infrastructure. For more information, contact Noga Kap, Walden Israel General Partner, +972-9-961-8000, +972-54-4428289, or +1 (415) 215-8106 or Leslie Perlberg, Director of Marketing Communications, +972-54-661-7611.
Safend is a leading provider of endpoint data leakage prevention solutions that protect against corporate data loss via physical, wireless, and removable media ports while ensuring compliance with regulatory data security and privacy standards. Safend's solutions, available through resellers worldwide, are deployed by multinational enterprises, government agencies and small to mid-size companies across the globe. Founded in 2003, Safend is a privately held company funded by Elron Electronics (NASDAQ and TASE: ELRN), Intel Capital, and Walden Israel Venture Capital. Safend is headquartered in Tel Aviv with US headquarters in Philadelphia. For more information, visit www.safend.com .