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Enterprise social media protection and compliance startup Nexgate has raised $3.5 million in its first round of funding to protect businesses’ social media accounts from spam and hijacking, the company announced today.

Nexgate used to be called Social iQ Networks, and it launched a full enterprise suite in 2012 focused on discovering, protecting, and ensuring compliance for social media accounts associated with companies. Nexgate said its service is in use by “dozen multinational and enterprise” companies, but it hopes to push its service out to many more customers and improve its technology.

“Our customers and prospects have clearly expressed their need for better protection and compliance for social media and they will be even more enthusiastic about what we can do for them with this new round of funding,” Nexgate co-founder and CEO Devin Redmond said in a statement. “We will immediately expand our solution development and customer facing teams to drive forward our product delivery and market development.”

The new funding was led by Sierra Ventures, which focuses its efforts on early-state capital investment. Mark Fernandes, a managing director at Sierra Ventures, will join the company’s board of directors as well.

“There is no question that compliance and security is absolutely a requirement as organizations continue to adopt and implement external social networks as part of their key communication channels,” Fernandes said in a statement.

Check out the video below for more on Nexgate.

Photo and video via Nexgate

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