Security solutions provider Bit9 has raised US$ 34 million in a Series D round of investment funding led by new investment partner Sequoia Capital. Existing investors Atlas Venture, Highland Capital Partners, Kleiner Perkins Caufield & Byers, and .406 Ventures also participated in the round.
Bit9 Promises ‘Next Generation’ of IT Security
Bit9 takes credit for protecting its clients from the Flame malware attack (initially discovered as a cybersecurity attack in Iran that later spread to Europe and North America) earlier this year and the RSA Security token breach that occurred in 2011. The vendor says it offers a solution that goes beyond the capabilities of traditional security solutions and offers the “next generation” of cybersecurity, based on trust-based application control and whitelisting.
Whitelisting, a capability offered by other providers of IT security applications such as Adobe, certifies the location where documents, attachments and Web pages originate, while trust-based application control protects domain controller security by preventing any application or program from gaining access without the prior approval of an authorized IT security professional.
Bit9 Makes Big Plans
Befitting a company promising to deliver the “next generation” of IT security, Bit9 has some big plans for the money it raised in this round of funding. In an interview with the Boston Business Journal, Bit9 CEO Patrick Morley said the money will support efforts to build a standalone IT company in Boston (the company’s offices are currently located in the Boston suburb of Waltham). Boston Business Journal speculates this could mean Bit9 is planning an IPO at some point. Including the latest funding, Bit9 has raised US$ 82.5 million since its founding in 2002.
In addition, Bit9 has doubled its staff from 75 to 150 just in the past year, and Morley told the Boston Business Journal it will make announcements about supporting operating systems other than Windows (the only OS Bit9 currently supports) in the next 60 days. The company currently serves more than 700 clients, including 31 members of the Fortune 100.
Other local news outlets echo Boston Business Journal’s predictions of Bit9 using the new funds to do more than just solidify its current activities. For example, according to the Boston Globe, Bit9 will use this capital to fund new product development efforts and expand sales and marketing capabilities to address the demand for endpoint and server security technology.
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