MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Confidela, the maker of WatchDox, a document control, tracking and protection solution, today announced that Shasta Ventures has joined existing investors Gemini Israel Funds and security-guru Shlomo Kramer (co-founder of Check Point and Imperva) with a Series B $9.25M investment in the company. WatchDox has experienced growing demand for its secure document sharing and virtual data room services, and closed 2010 with its services used by thousands of organizations.
This round of financing will enable WatchDox to expand its sales team as the company secures new customers and larger deals in the financial services, pharmaceutical, biotechnology, legal, energy, manufacturing, insurance and government markets. The company will also rebrand under the name of its flagship solution, WatchDox.
“WikiLeaks, as well as numerous smaller document leakage incidents, have raised awareness for the need to better secure documents as they are shared inside and outside of the organization,” said Moti Rafalin, WatchDox CEO. “Legacy enterprise digital rights management and data loss prevention products are failing to address the problem, and enterprises are realizing documents need to be seamlessly protected and controlled wherever they go.”
The increasing requirement for sharing and collaboration across organizations and geographies, along with cloud adoption and mobile computing makes protection at the company perimeter irrelevant. Therefore, WatchDox has developed a new generation of solutions; its document lifecycle protection technology is applied seamlessly to documents, embedding protections into files. WatchDox users can now allow simple sharing and collaboration on documents while preventing document leakage by restricting copying, printing and forwarding of documents. The dynamic permissions further enable users to wipe documents even after they have been downloaded.
“The market momentum of WatchDox led Shasta Ventures, a leading SaaS venture firm behind Apptio, Lithium and Zuora, to invest in this vision,” said Ravi Mohan, managing director of Shasta Ventures. “With the advent of mobile and cloud computing, the concept of perimeter security is no longer sufficient. We need security to be embedded in the content and access needs to be provisioned and re-provisioned easily. WatchDox has developed technology to address today’s most pressing security issue, much like the firewall addressed the most pressing security problem of the mid-90s. Not surprisingly, both inventions share a co-founder, Shlomo Kramer.”
“Organizations need to take a serious look at how their unstructured data is stored and shared. They must realize documents need to be protected throughout their lifecycle,” said Shlomo Kramer. “WatchDox provides a solution to a problem that every organization is facing. The company has taken a significant step forward in providing the most advanced document security and control, while still preserving ease of use.”
About WatchDox
WatchDox enables easy, secure and leak-free document sharing and collaboration, inside and outside of organizations. WatchDox’s secure document sharing and virtual data room software-as-a-service (SaaS) solutions allow companies to maintain full control and tracking over documents – wherever they go. Thousands of organizations in various industries including financial services, pharmaceutical and biotechnology, legal, energy, manufacturing, insurance, real estate, technology and government agencies have successfully used WatchDox’s solutions. Privately held, WatchDox is venture capital-backed by Shasta Ventures, Gemini Israel Funds and Shlomo Kramer (co-founder of Check Point and Imperva). WatchDox is headquartered in Mountain View, Calif. For more information, please visit http://www.watchdox.com.