Graphite Software secures $4.4 million in Series A funding
OTTAWA, June 19, 2013 /PRNewswire-iReach/ -- Graphite Software Corporation announced today that it has secured an initial round of financing of $4.4 million led by Celtic House Venture Partners. Graphite Software is a mobile security start-up founded by industry veterans Paul Litva, Alec Main and Ron Vandergeest. Previously, the three executives led Cloakware, a leading provider of software security technology and encryption software acquired for $72.5 million in 2007. Graphite will use the financing to introduce its first generation domain isolation solutions for Android devices.
Graphite's solutions overcome the limitations of current dual persona products on the market by simultaneously addressing the data security needs of the Enterprise IT department through BYOD (Bring Your Own Device) and the need for protection from downloaded malware and viruses. The solution boasts maximum management flexibility, an innovative user interface and support for off-the-shelf Android applications. As an example, highly confidential information such as credit card and on-line banking data or corporate data can be assigned to secure spaces on the device and managed either by the device owner, an enterprise IT department or a third party service provider. The security and performance exceeds existing dual persona solutions on the market while providing tangible value to consumers – something that is currently missing in BYOD solutions.
"In discussions with leading service providers, there is a general dissatisfaction with the limitations of the current solutions on the market which have often been ported over from PC-era security technology. Mobile devices have different threats, usage models and constraints than PC's," says Alec Main, CTO. "Graphite is developing purpose-built security solutions for mobile devices that provide real benefits to both the consumers and enterprises as well as the device OEMs. We believe this is required to accelerate adoption cycles in the industry and enable true BYOD services."
"Celtic House is very excited to work with Graphite. The founding team has proven start-up experience including commercial success in encryption and security infrastructure," said Brian Antonen, Partner at Celtic House. "We are pleased to have the opportunity to back a platform technology company that will play an influential role in the growth of smart phones/media consumption devices. We expect Graphite to take advantage of synergies with Celtic House's existing portfolio by leveraging their technology and customer relationships."
Informa forecasts that Android based mobile devices will grow to 869 million units sold in 2017. Juniper Research expects the use of consumer owned devices in the Enterprise to grow rapidly at a 68% CAGR during that same period. With the increasing pressure on IT departments to adopt BYOD policies, there is a growing need for stronger protection of corporate data without impacting employee privacy nor limiting access to an ever increasing number of applications.
About Graphite Software
Graphite is re-defining mobile device security. Our solution addresses the data and application security requirements of both the enterprise and consumers, while enabling many new usage models. For more information on our multi-domain security solution for the Android market, visit www.graphitesoftware.com
About Celtic House Venture Partners
Celtic House Venture Partners is an independent Canadian investment firm. Since 1994, Celtic House has been one of Canada's most active investors in technology and innovation. Capitalizing on the deep domain expertise of its partners, Celtic House has consistently provided superior financial returns to its investors. Celtic House has collaborated with management teams and repeat entrepreneurs to develop technology companies from the inception phase through to exit, generating over 22 initial public offerings and successful acquisitions. From offices in Toronto, Montréal and Ottawa, Celtic House manages in excess of $425 million across three funds. Celtic House is currently making new investments out of Celtic House Venture Partners Fund IV, which closed in 2012 at $105 million. For more information visit www.celtic-house.com
Media Contact: Alec Main, Graphite Software, (613) 595-0909, firstname.lastname@example.org
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SOURCE Graphite Software