EdgeWave Closes $2 Million Additional Series A Funding
Influx will enable cyber security firm's operational expansion
SAN DIEGO, Dec. 17, 2014 /PRNewswire/ -- EdgeWave® (www.edgewave.com), a San Diego-based cyber security firm, today announced it has closed $2 million in additional Series A equity funding from three investors. This financing brings total 2014 equity funding for the company to $8 million.
The investment included an additional $1.2 million from TVC Capital, a San Diego-based growth equity firm focused on investments in software companies and software-enabled service firms. The new round of funding brings TVC Capital's total preferred equity investment in the company to $7.2 million, reflecting TVC's strong support of EdgeWave's Military-Grade cyber security solutions. In addition to the Series A Preferred Shares, TVC also purchased 3 million common shares through a tender offer.
An additional $500,000 came from Northgate, a California-based private equity and venture capital investment firm, and the remaining $300,000 came from Mr. Bill Baumel and RWI Ventures' partners, who have been investors in EdgeWave for nearly five years.
"We continue to be excited about EdgeWave's cloud-based solutions and cyber security approach, and are eager to support the company's operational expansion," said Jeb Spencer, Managing Partner of TVC Capital. "Demand in the IT security space is intensifying, and EdgeWave now has the right level of expertise and operational scale to meet that need going forward."
The financing will be used to support expansion in operations to meet rapidly growing demand for EdgeWave's enterprise security solutions. EdgeWave EPIC (Enhanced Precision and Integrated Cyber Capabilities) thwarts advanced cyber threats and ensures security policy compliance through a combination of artificial and human intelligence with Military-Grade cyber operations.
"The reasons for providing this additional investment are many. The company is differentiated by its top former military cyber security expertise and security products that independent third-party testing has shown to be superior to the competition." said Mr. Baumel.
EdgeWave's solutions have been validated by several thousand customers and their millions of end-users. The technology company's management team includes experienced business leaders and real-world cyber warfare veterans who are addressing the significant gaps in current network security solutions. The company also has a team of dedicated professionals providing 24/7 monitoring, threat detection and analysis from multiple operation centers. The EdgeWave security platform is led by retired U.S. Navy Captain Mike Walls, formerly responsible for cyber readiness afloat and ashore across the Fleet.
About TVC Capital, LLC
TVC Capital is a San Diego-based growth equity firm focused on investments in and acquisitions of software companies and software-enabled service firms. TVC Capital targets a wide spectrum of software sectors and industry verticals that are poised for growth and consolidation. The TVC team is led by operating executives with more than 60 years of experience growing technology companies into market leaders. For more information, visit www.tvccapital.com.
About Northgate
Northgate's investment focus is on private equity and venture capital funds and company investments that have convincingly demonstrated compelling performance. The company invests in both developed and emerging markets around the world. For more information, visit www.northgate.com.
About EdgeWave, Inc.
EdgeWave is a leader in the Cyber Security industry, delivering innovative, effective and efficient security solutions across the full spectrum of business and government organizations. EdgeWave combines real-time human and artificial intelligence with a Military-Grade operations approach to anticipate, identify, and defend against the most sophisticated adversaries and most challenging security threats. EdgeWave received four 2014 Network Product Guide 'Best' Awards for iPrism Web Security and ePrism Email Security. Learn how EdgeWave is transforming Cyber Security at www.edgewave.com.
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SOURCE EdgeWave
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