SAN JOSE, Calif.--(BUSINESS WIRE)--ShieldX Networks (ShieldX), Gartner 2017 Cool Vendor in Cloud Security, today announced it has closed a $25M Series B round of funding with new investors including Ashar Aziz (Founder of FireEye), Dimension Data and Symantec Ventures, along with existing investors, Bain Capital Ventures, Aspect Ventures and FireEye, who have doubled-down on their investment. Expanded investment shows confidence that ShieldX is uniquely positioned to meet soaring market demand for a highly scalable and economically attractive cloud security solution that supports real-time threat prevention and the automated ability to stop suspicious activities in multi-cloud environments.
“In this new, unprecedented cyber threat landscape, the need for cloud security innovations has never been greater,” said Enrique Salem, Managing Director of Bain Capital Ventures. “Since our initial 2015 investment in ShieldX, we continue to see the company and its experienced management team execute on the vision and technology advancements required to be a pivotal player in this thriving market and are bullish about future success.”
MARKET DEMAND FOR CLOUD SECURITY
According to Ponemon Institute, the odds of a company experiencing a data breach have grown as high as 1 in 4. Amidst increasing threats, the ability to leverage security controls that are delivered and managed with automation capabilities through the cloud - which lowers overall cost of business - is highly attractive to enterprises. These factors are driving strong market demand for cloud security products. Research firm MarketsandMarkets reports, “The cloud security market size is expected to grow from USD 4.09 Billion in 2017 to USD 12.73 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 25.5% during the forecast period.”
MULTI-CLOUD THREAT PREVENTION AND SECURITY AUTOMATION INNOVATION
ShieldX APEIRO is the first to combine network-based security concepts with the latest application and infrastructure innovations to deliver the most scalable cloud security solution available on the market today. Customers choose ShieldX APEIRO over competing solutions due to the high level of protection, speed of deployment, fully automated security controls, micro-segmentation on demand and budget friendly benefits the product provides.
“Alaska Airlines is actively moving processes to next generation private and public cloud environments in an effort to support the rapid application development and innovation that really delights our guests. We were looking for a security and micro-segmentation solution that could scale and adapt with our new multi-cloud strategy with a comprehensive and consistent security policy across all environments,” said Brian Talbert of Alaska Airlines. “ShieldX has been an ideal partner throughout the development process by meeting our on premise and cloud needs, rapidly responding to our input, and by supporting our new Microsoft Azure requirements.”
ShieldX is led by a team of serial entrepreneurs and technologists with in-depth expertise in cloud computing, network security and software-defined architectures. The company recently received its first foundational and comprehensive patent - from a total 19 filed - and has seen strong growth in revenue this year. The company is accumulating an impressive list of well-known customers, including Alaska Airlines, Iowa State University and Park Holidays with trials of the technology multiplying rapidly.
The company was recently named ”Innovator” in the MarketsandMarkets, “Microsegmentation Market Global Forecast to 2012” report. According to MarketsandMarkets, ShieldX has a strong breadth and depth of product offering and has been at the forefront in deploying their solutions for the niche and custom software requirements of the clients.
"ShieldX is continuing to gain strong momentum in the growing cloud security market,” said Dr. Ratinder Paul Singh Ahuja, CEO of ShieldX. “We purpose-built APEIRO with best-practice cloud principles, technologies and economics in mind so that organizations can reap the benefits of the cloud but also be confident that they are protected against all existing and emerging threats to their cloud infrastructure. This funding will allow us to expand our marketing and sales efforts to meet increasing market demands while also keeping a strong focus on product development, including increased automation and intelligence across popular cloud environments that will meet customer demand.”
ADDITIONAL RESOURCES
- MarketsandMarkets report: https://www.shieldx.com/marketsandmarkets-microseg-report/
- Overview of APEIRO Innovation: https://www.shieldx.com/2017/12/buzzword-assimilation-understanding-apeiro-innovation/
About ShieldX
ShieldX is redefining cloud security to better protect organizations against cyber threats—regardless of where sensitive data resides or how it moves across public, private or multi-cloud environments. Organizations are using APEIRO to scale security and micro-segmentation on demand, support business innovation, meet compliance requirements and protect against the latest cyberattacks. Based in San Jose, CA, ShieldX was founded in 2015 and is privately funded. Contact us at ShieldX.com.
