News and Events
February 19, 2008
Safend Closes US$9,000,000 Funding Round
Safend, an international provider of endpoint Data Leakage Prevention (DLP) solutions for enterprise computers, today announced it has secured its Series C round of funding. The $9 million round is being funded by a leading multi-billion dollar European asset management firm, as well as Safend's existing investors, Elron (NASDAQ: ELRN), Intel Capital and Walden Israel Venture Capital. The new funding enables Safend to accelerate development efforts of its core technology, new solution offerings, and fund continued growth through strategic partnerships and distribution channels worldwide.
“Safend is a very promising company that is already generating substantial revenues by having the best- of-breed detachable storage and device control solutions on the market” said Yair Cohen, Vice President at Elron. “With its established management team, industry proven and certified technology, and impressive customer base, Safend is well positioned for continued success.”
“Safend's impressive technical development team is unquestionably among the best we have encountered," said Noga Kap, General Partner, Walden Israel Venture Capital. “Their continued dedication to their customers through product innovation, quality assurance, and new partnerships makes Safend a solid investment choice for Walden Israel.”
Founded in 2003, Safend has grown to acquire more than 650 customers worldwide and continues to expand its customer base as more organizations increasingly recognize data security as a top priority and strategic asset. According to recent surveys, 79% of all organizations handle sensitive data, 55% of the data remains unprotected and according to the Ponemon Institute, a Michigan-based independent research firm, the average data loss incident will cost an organization $6.3 million.
Safend’s award-winning software solutions, Safend Auditor and Safend Protector, enable organizations to reduce the risk of data loss, theft and misuse by monitoring and controlling access to sensitive data. The Safend solution protects confidential data stored on enterprise PCs and laptops by monitoring the transfer of sensitive data and controls access to removable storage devices and wireless communication ports. Safend has often been recognized for having innovative products and has recently received numerous industry awards including the Info Security Hot Company 2007 Award and the 2008 Global Excellence Award for Best Endpoint Security Solution.
“The fact that the original investors subscribed to this round is significant,” said Gil Sever, Safend Chief Executive Officer. “It validates Safend’s strategy and execution performance, and demonstrates our investors’ confidence in the market opportunity and demand for our evolving solution. Our new and
existing investors have a proven track record of investing in successful start-ups. We are pleased to have attracted strong venture partners and look forward to working with them as we continue to address the pervasive problem of data leakage.
Australian Projects Pty limited is the exclusive master distributor of Safend products in Australia and New Zealand, where customers include federal and state government departments and major corporate enterprises.
ABOUT SAFEND
Safend is a leading provider of endpoint data leakage prevention solutions that protect against corporate data loss via physical, wireless, and removable media ports while ensuring compliance with regulatory data security and privacy standards. Safend's solutions, available through resellers worldwide, are deployed by multinational enterprises, government agencies and small to mid-size companies across the globe. Founded in 2003, Safend is a privately held company funded by Elron Electronic Industries Ltd (NASDAQ: ELRN), Intel Capital, and Walden Israel Venture Capital. Safend is headquartered in Tel Aviv with US headquarters in Philadelphia.
Australian Projects Pty Limited is a leading brand manager and master distributor of IT security solutions in Australia and New Zealand, supplying leading resellers, integrators and infosec consultants, and their clients. Brands include GuardianEdge, Safend, Trust Digital, Odyssey and Zondex. Australian Projects provides its channel partner network with world-class marketing resources, sales support and technical services, encompassing the entire breadth of vendor solutions. Founded in 1994, Australian Projects is a privately held company headquartered in Sydney. Australian Projects is an investor in Elron Electronic Industries Ltd a technology holding company that is a significant investor in Safend.
