StillSecure receives $5 Mn venture debt financing
Date: Thursday , December 04, 2008
Specializing in providing commercial and open source secure network infrastructure solutions, Colorado based StillSecure has secured $5 million in venture debt financing from Silicon Valley Bank. The financing will allow StillSecure to maximize investments across all areas of the business and to better insulate itself from the current and future economic climate. The terms of the venture debt round have not been disclosed.
Talking about the venture financing, Rajat Bhargava, President and CEO, StillSecure, said, “Even in this troubled economy, StillSecure is able to continue to grow its customer base and attract top tier financial partners.”
Founded in 2000, StillSecure’s customers range from midsize organizations to the world's largest enterprises with a strong emphasis in government, financial services, education, and healthcare. It has a steady backing of venture funds from Mobius Venture Capital, which been an investor from the beginning of the company. It has also received investment from 3i and Meritage Venture Capital.
Earlier this year, the company had launched a new line of appliances and a new vesrion of its software. With this the firm had expanded functionality in the software and products, including ability to repackage and customize hotfixes, better anti-virus checks, and a new application-programming interface (API) for IDS/IPS products. It had also entered into partnership with Montego Networks, a provider of policy enforcement tools, and security software provider McAfee, along with signing a racing team operator as a customer.
Over the past year, StillSecure has been recognized for its rapid growth, receiving the 2008 Deloitte Technology Fast 50 award, the 2008 IQ Award for "Computer Products and Services," the 2008 Esprit Award, and a finalist nomination for the 2008 American Business Awards.