Vijay Bansani Cofounded eIQnetworks Closes $10 Million Financing

Date:   Monday , February 02, 2009

The Vijay Basani cofounded eIQnetworks, an action-based IT security and compliance company, has closed $10 million financing in the first round, which was led by Venrock.

“Raising our first round of venture capital in this kind of economic environment is a true testament to the hardwork of our team,” says Vijay Basani, CEO of eIQnetworks. The company is now positioned to fully capitalize on the significant market opportunity for security and compliance management. According to CSI Research, in the year 2007 targeted attacks have risen up to 18 percent of the over all attacks in the market.

“The hackers are adapting their efforts to easily outsmart traditional SIEM tools by turning off logging. eIQnetworks spots attacks that are missed by other SIEM products simply because they are not looking at the broad array of data sources that we analyze and correlate. In the process, we eliminate the long deployment cycles and redundant costs associated with other security approaches that rely on multiple security monitoring products, complicated database systems, and overlapping reporting mechanisms,” says Jim Gearey, President, eIQnetworks.

The company, with its 102 employees worldwide, is helping global 5000 companies and government agencies increase security operational efficiency and reduce compliance management costs. The 2003 founded company has healthy customers that include NYSE/EuroNext, New York Times, CVS, Singapore Telecom, Malaysia Telecom, Telecom Italia, WIND, South Financial Group, Union Bank of California, DOD, US Army, DISA, US Navy, and others.