PortAuthority Technologies, Inc.,™ the leader in Information Leak Prevention (ILP), today announced it has closed its latest round of funding, raising approximately $18 million. New Enterprise Associates (NEA) led the investment round, with full pro-rata participation by Sequoia Capital, Greylock Partners and Lexington Ventures, the company’s previous investors.
PortAuthority Technologies is a growing leader in the ILP and Content Monitoring/Filtering markets. It delivers security solutions that reliably and accurately control the unauthorized distribution of sensitive information for data privacy, confidential information protection, and compliance with regulations such as Sarbanes-Oxley (SOX), the Health Insurance Portability and Accountability Act (HIPAA), the Payment Card Industry (PCI) Data Security Standard, the Family Educational Rights and Privacy Act (FERPA), and the Gramm-Leach-Bliley Act (GLBA). With more than 27 patents pending, only PortAuthority stops information leaks by continually monitoring internal and outbound communications and delivering policy enforcement in a real-time and accurate manner.
In addition to the financing, which will go toward funding the company’s sales and marketing expansion to take advantage of one of the fastest growing security market segments, PortAuthority Technologies has also announced that security industry stalwart Krishna “Kittu” Kolluri will represent NEA on the company’s board of directors. Mr. Kolluri has a strong track record of success in security, including serving as the President and CEO of Neoteris, Inc., and growing it into the SSL VPN leader. His most recent position before joining NEA this year as a General Manager was at Juniper Networks, where he ran the Security Products Group as Executive Vice President and General Manager.
“This market shows a lot of promise, and we are pleased to have found a company that meets our investment criteria and has the characteristics to emerge as the market leader – specifically, superior technology and a strong management team with deep roots in security,” said NEA’s Mr. Kolluri. “We are pleased to invest in PortAuthority Technologies and support its growth. With its advanced PreciseID™ core technology and proven information leak prevention deployments in the Fortune 500 and Global 2000, we see this company poised for significant success for the future.”
“We are pleased to have NEA lead this investment, which will allow us to further penetrate our key markets, grow our business, and deliver valuable information leak prevention to a broader set of customers,” said PortAuthority Technologies President and CEO Pete Foley. “Having a leading global investment firm such as NEA join the prestigious VC firms backing us is great validation of the progress we have made. The valuable perspective that Kittu Kolluri brings to our Board of Directors will serve us well moving forward as we expand our business and product offerings.”
PortAuthority Technologies’ growing customer base has confidence that their internal data is secure, both for privacy, regulatory compliance and intellectual property concerns. Unlike other industry solutions, PortAuthority Technologies’ advanced algorithms use granular data matching techniques that are resilient to data manipulation. Studies and industry feedback confirm that its PreciseID™ technology delivers the industry’s highest accuracy with the lowest false positives and false negatives. Organizations easily integrate PortAuthority Technologies’ appliance with their existing solutions to preserve their investment, while gaining best-of-breed information leak prevention to ensure regulatory compliance.
New Enterprise Associates (NEA) is a leading venture capital firm focused on helping entrepreneurs create and build major new enterprises that use technology to improve the way we live, work and play. Since its founding in 1978, the firm has followed the same basic principles: support their entrepreneurs, provide an excellent return to their limited partners and practice their profession with high standards and respect. Practicing classic venture capital for 28 years, NEA focuses on investments at all stages of a company’s development, from seed-stage through IPO. With approximately $8.5 billion in committed capital, NEA’s experienced management team has invested in over 500 companies, of which more than 150 have gone public and more than 200 have been acquired. NEA has offices in Reston, Virginia, Menlo Park, California and Baltimore, Maryland.
About PortAuthority Technologies
PortAuthority Technologies is the leading provider of Information Leak Prevention security solutions that reliably and accurately control the unauthorized distribution of sensitive information for data privacy, confidential information protection and true compliance. Using its patented PreciseID™ technology, only PortAuthority stops information leaks by monitoring internal and outbound enterprise communications and delivering policy enforcement in real-time. PortAuthority ensures compliance with regulations such as GLBA, PCI, HIPAA, CA CC1798, FERPA, PIPEDA and SOX by closing the gap between employee behavior and corporate and legal policies. PortAuthority Technologies is a privately held company backed by Greylock Partners, Lexington Ventures, New Enterprise Associates and Sequoia Capital. The company is headquartered in Palo Alto, Calif., and has offices throughout the U.S. For more information, please call 877-843-4879.