Cyber security firm Edgewave, has raised another $2 million in funding, bringing its total Series A round to $8 million.
Edgewave brings cloud-based threat analysis to small and medium businesses that traditionally can’t afford to hire it’s own security analysts. In addition to providing threat intelligence, Edgewave’s software integrates with firewall security. The company also offers email and web security services called ePrism and iPrism respectively. Among the 6,000 clients the company services, a majority are healthcare providers, financial services, or telecommunication firms, although the company is seeing increasing interest from retailers.
“Household brands are reaching out to us; that’s never happened before,” said CEO Dave Maquera. Considering the recent spate of data breaches retailers suffered in 2014, it’s no surprise brands are reaching out.
Edgewave prides itself on providing military grade security, and many of its security analysts are military trained. The company was founded in 2010, after St. Bernard Software acquired spam filtering technology company Red Condor. Shortly thereafter the company rebranded as Edgewave.
Already there are several major players in this arena, like Symantec and Blue Coat. In order to get a better foothold in the market, Edgewave is using its new money to fuel a marketing campaign.
The investment includes two separate investments from TVC Capital, a San Diego-based growth equity firm. In July, TVC Capital invested $6 million into Edgewave and purchased 3 million common shares of stock through a tender offer. The equity firm then decided to add another $1.2 million to its investment. An additional $800,000 came from private equity and venture capital firm Northgate, angel investor Bill Baumel, and RWI Ventures.