DENVER, Nov. 17, 2015 /PRNewswire/ -- ProtectWise, provider of the industry's first Cloud Network DVR for complete detection, visibility and response to enterprise threats, today announced it has closed its Series B round of funding of $20 million. In total, the company has raised more than $37 million dollars in venture capital funding since May 2013. The new funding will be used to support the company's continued growth, technology innovation and market expansion.
Tola Capital led the round, with follow-on investment from Crosslink Capital, Trinity Ventures, Paladin Capital Group and Arsenal Venture Partners. Sheila Gulati, managing director at Tola Capital, has joined the ProtectWise Board of Directors.
"ProtectWise's Cloud Network DVR Platform represents a quantum leap in enterprise security by empowering CISOs and security teams to deftly manage risk and threats to their network. ProtectWise collects network data, provides context and intelligence to surface the most relevant threats, and delivers actionable insight through advanced visualization," said Gulati. "I'm joining the Board at an exciting time for ProtectWise and look forward to working closely with the company as they scale the business and continue to conquer some of security's most difficult challenges."
Network breaches have become commonplace with attackers present on victims' networks an average of more than six months before being discovered. Since most organizations have no long-term network memory, they're often left in the dark after they suffer a breach and it can take weeks or longer to assess the damage it has caused.
The ProtectWise™ Cloud Network DVR works like a virtual camera in the cloud, providing unlimited retention of full-fidelity network traffic. It correlates threat detection from proprietary research, machine learning, flow-based traffic algorithms as well as multiple commercial intelligence feeds across its customer base--providing collective security. This is combined with advanced visualization tools that allow for deep-dive forensics and faster incident response. The Cloud Network DVR is delivered as a service allowing for rapid deployment, evaluation and time to value, and eliminates the costs associated with appliance-based solutions.
"ProtectWise is hitting a critical inflection point, moving from innovative start-up to proven and trusted security platform provider," said Larry Orr, general partner at Trinity Ventures. "Since we've begun working with ProtectWise, they haven't missed a beat, executing and expanding their deployments, growing their team effectively and continuing to innovate on their technology. The company continues to design and build ahead of the curve and is fundamentally reshaping network security."
ProtectWise is seeing increased adoption of its technology as enterprises seek to better identify and respond to network threats. The company has customers in the entertainment, new media, healthcare, financial services and technology industries, including Universal Music Group.
"We are driving a shift away from the old school, prevention-centric, endpoint approach to network security to a modern, integrated platform approach that is based on vastly improved detection, visibility and response," said Scott Chasin, CEO and co-founder of ProtectWise. "The new funding reflects the massive market opportunity for a newer way to address network security and in particular, for delivering security at scale with a unique utility model. The funding will help propel us into 2016, and Tola Capital's focused experience with enterprise software platforms makes them a great addition."
ProtectWise™ is disrupting the network security industry with its Cloud Network DVR, a virtual camera in the cloud that records everything on the network. The service allows security professionals to see threats in real time and continuously goes back in time to discover previously unknown threats automatically. By harnessing the power of the cloud, ProtectWise provides an integrated solution with complete detection and visibility of enterprise threats and accelerated incident response. The Cloud Network DVR delivers unique advantages over current network security solutions, including an unlimited retention window with full-fidelity forensic capacity, the industry's only automated smart retrospection, advanced security visualization, and the ease and cost-savings of an on-demand deployment model.
Founded in April 2013, the company is based in Denver and led by a team of security and SaaS industry veterans from McAfee, IBM, Mandiant and Proofpoint. ProtectWise has raised more than $37 million in funding and was named to Network World's list of "10 Security Start-Ups to Watch." For more information, visit www.protectwise.com.
Dan O'Mahony or Tracey Workman