WALTHAM, Mass.--(BUSINESS WIRE)--CloudLock, the software company securing enterprise cloud data, today announced it has raised $8.7 million in a Series B funding round from new investor Ascent Venture Partners and existing investor Cedar Fund.
The latest financing will be used to expand the company’s engineering divisions to keep up with rising customer demand, extend its solutions to new platforms and accelerate CloudLock’s domestic and international sales efforts. As one of the first Security-as-a-Service companies in the world, CloudLock is committed to investing in innovation around its core competency, cloud data security services. CloudLock will focus much of its employee growth in its new headquarters in Waltham, MA.
Luke Burns, Partner with Ascent Venture Partners, is leading Ascent’s investment in CloudLock and will join the Company’s Board of Directors. Ascent, an investor in innovative enterprise technology for more than 25 years, believes CloudLock is poised to extend its leadership position in cloud eGRC, a segment of the market enjoying tremendous growth.
“Organizations moving sensitive data to the cloud are realizing the shift requires new processes for IT control,” Burns said. “Increased collaboration is a major benefit of the Cloud, but companies lose sight and control of the data being shared, both internally and externally. By helping secure Google Apps and other collaborative cloud-based applications, CloudLock is bridging a critical, emerging security gap.”
CloudLock achieved substantial growth in 2011, adding hundreds of large customers with over one million users under license to its subscription service. Last year, CloudLock also partnered with leading cloud VARs and resellers, further positioning itself for continued growth in 2012.
“While we saw tremendous growth in 2011, we’re already seeing more than double the volume of sales in 2012,” said Gil Zimmermann, co-founder and CEO, CloudLock. “As more enterprises move their sensitive data to the cloud, we will continue to build on CloudLock’s core governance, risk management and compliance features to help customers cost-effectively extend their data security to their cloud data repositories. This funding will help us continue to attract the premier talent that are looking for the opportunity to lead the charge in the fast- growing Security-as-a-Service market”
“We are excited to continue supporting CloudLock, having worked with the company’s outstanding team to develop and go to market with the industry’s first cloud document security solution,” noted Dorin Miller, member of CloudLock’s Board of Directors and Venture Partner at Cedar fund, CloudLock’s Pre-Seed, Seed investor and participant in the Series B Round. “CloudLock’s suite of cloud security solutions meets a pressing need by enterprises to secure and govern data in the cloud. We are thrilled about CloudLock’s accomplishments to date and are excited to continue supporting its growth.”
About CloudLock
CloudLock helps enterprises extend their data security practices and policies to the cloud. CloudLock’s suite of security applications give businesses the controls and visibility they need to take advantage of the collaboration benefits of public cloud offerings, without sacrificing on security. The largest Google Apps customers in the world trust CloudLock to secure their data. For more information about the company or reseller opportunities call (781) 996-4332 or visit http://www.cloudlock.com.
About Ascent Venture Partners
Ascent Venture Partners (www.ascentvp.com) is dedicated to investing in innovation for the enterprise. In backing more than 100 early-stage, emerging technology companies since 1985, Ascent has remained committed to its mission of partnering with exceptional entrepreneurs striving to build innovative market leaders. Ascent's investments have yielded powerful results generating more than $10 billion in enterprise value, which speaks to the firm's deep knowledge, experience, commitment, and networks. The Ascent investment team manages five venture funds with total commitments of more than $450 million, and is located in Boston, Mass.
About Cedar Fund
Cedar Fund is an international venture capital firm with offices in Israel and Boston that invests in high technology Israel-related companies. With its investment track record and over $325 million under management, Cedar Fund is among the most notable and active venture firms focusing on Israel-related investments. Cedar Fund invests in outstanding entrepreneurs pursuing high growth markets with distinguished technologies in enterprise software, Internet, mobile, digital media, CleanTech, networking and telecommunications. While Cedar invests in all stages, it concentrates on early stage, including Pre-Seed® (pioneered by Cedar and includes companies such as BigBand and Onaro), seed and first round (including companies such as Guardium). For more information about Cedar Fund, please visit www.cedarfund.com.