CipherMax, a San Jose company that offers storage encryption technology to companies so they can secure their data, said it has raised $10 million in new financing.
U.S. Venture Partners, Venrock Associates and Scale Venture Partners (formerly BA Venture Partners), co-led the round of funding.
CipherMax says its technology allows companies to view and manage the encryption from a single interface.
This is one of the dozens of storage companies founded during the Internet bubble era, and it has raised a reported $142 million over the years — with the main backers being the U.S Venture Partners, Venrock, and Lucent Venture Partners. The company’s last round reportedly valued the company at just more than $100 million, meaning less than the overall capital put into the company.
From the announcement, to be released tomorrow (Monday):
“The cost of securing stored data over the long-term is becoming a key issue for companies,” said David Liddle, general partner at U.S. Venture Partners. “The CipherMax product architecture, which includes integrated switching and global management, provides significant cost advantages over existing storage security appliances. This aspect gives us confidence that CipherMax is well-positioned to capture a large portion of the storage security market.”
CipherMax was formerly called MaXXan Systems.