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Data security startup AlgoSec raises $36M to fuel future growth
Data security startup AlgoSec Inc. has raised $36 million in new funding in a round sourced exclusively from technology investment firm Claridge IL.
Founded in 2003 with offices in New Jersey and Israel, AlgoSec automates and orchestrates network security policy management and business applications while ensuring security compliance. The company’s platform automates security policy management across virtual, cloud and physical environments while at the same time streamlining change management, optimizing firewall and network access configurations and mitigating risks.
The full range of AlgoSec products includes security policy change management, security policy risk mitigation, firewall auditing and compliance, hybrid cloud security, data center and application migration and firewall management.
The company caters to clients across financial services, telecom, utilities and energy, security service providers, technologies, healthcare and pharmaceuticals, retail and manufacturing, transportation and entertainment including 20 of the Fortune Top 50. According to CList, its clients include Microsoft Corp., Intel Corp., Volkswagen AG and BP PLC.
The round is notable in that it’s the first time AlgoSec has raised venture capital funding, having initially been bootstrapped, then operated off its profits since it was founded. A spokesperson for the company told SiliconANGLE that the funding will be used to fuel the company’s future growth. As part of the deal, Claridge IL Managing Director Rami Hadar will join AlgoSec’s board.
As for what exactly that growth may entail, Jeffrey Starr, AlgoSec’s chief marketing officer, told Channel Partners that the new investment “is consistent with our ambitious growth plans which include strengthening our technology, expanding our presence, and supporting the partners in our ecosystem for them to grow alongside us toward broader security management capabilities in our common enterprise accounts.” Starr went on to say that the company’s existing community of distributors, resellers and other partners will continue to be a “key element.”
Image: AlgoSec
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