PerspecSys, the Toronto-based cloud data protection company, has closed $12 million in its second round of funding. The company plans to use the capital injection to further develop global sales and marketing efforts and continue product development.
The company supports a variety of popular cloud-based applications, such as Salesforce.com and Oracle CRM On Demand, while using validated encryption solutions from companies like Voltage Security, McAfee, SafeNet, Symantec, and RSA.
Research firm Gartner predicts some $42 billion will be spent on cloud-based security from 2013 to 2016.
Already, PerspecSys claims to have three of the world’s largest financial institutions and one major multinational conglomerate as clients.
“While the cloud continues to deliver amazing benefits to companies worldwide, it also continues to pose some major hurdles,” said David Canellos, chief executive of PerspecSys.
“Businesses are struggling to balance critical data residency, compliance, privacy and security requirements that come with cloud adoption against the need for full application functionality and ease of use. Our focused efforts over the last four years have produced the most advanced gateway in the industry, delivering the only data protection solution that passes the strictest European and US regulatory requirements,” he said.
This round of funding was co-led by new investors Paladin Capital Group and Ascent Venture Partners. They were joined by return backer Intel Capital and other institutional investors. Total investment in PerspecSys now totals over $20 million.
Photo Credit: PerspecSys Inc.