|By Marketwired .||
|July 22, 2014 07:30 AM EDT||
SAN DIEGO, CA--(Marketwired - July 22, 2014) - EdgeWave® (www.EdgeWave.com), a San Diego-based cybersecurity firm, today announced it has closed $6 million in Series A equity funding from TVC Capital, a San Diego-based growth equity firm focused on investments in and acquisitions of software companies and software-enabled service firms.
The financing will be used to support accelerating demand for EdgeWave's military-grade enterprise security capabilities that protect companies from the most advanced targeted hacker attacks. EdgeWave EPIC
EdgeWave's security platform is led by retired U.S. Navy Capt. Mike Walls. Walls most recently commanded the Navy's global cybersecurity operations, protecting the Navy's information operations supporting over 400,000 personnel, hundreds of ships and thousands of aircraft around the globe from the world's most sophisticated hacker attacks in real time.
EdgeWave's solutions have been validated by several thousand customers and their millions of end-users, including large multi-hospital regional health care providers, such as Susquehanna Health, financial services providers including insurer Esurance, and live global media operations such as the United States Tennis Association's U.S. Open Tennis Championship.
"EdgeWave's cloud-enabled security solutions are growing at over 100% annually because they provide leading-edge advanced threat protection across all web and email traffic in flexible, maintenance free bundles that produce unmatched ROI for customers," said Jeb Spencer, Managing Partner of TVC Capital. "We look forward to working closely with the EdgeWave team in delivering exciting new products and cloud security solutions that are primed to capture ever-growing demand in the data security space."
According to the 2014 PriceWaterhouse Cooper Global State of Information Security Survey, corporate network security breaches have increased 25% in the past year alone, with an average breach cost of $2 million. Gartner forecasts Internet security spending to grow as high as $86 billion by 2016.
"Organizations are under attack from hackers, and frankly they're losing the war," said Dave Maquera, CEO and President, EdgeWave. "By combining proven US military cyber-defense capabilities and leadership with our advanced cloud-enabled technology, EdgeWave provides a level of security and policy compliance that is not available anywhere outside of the US Department of Defense. Our partnerships with TVC Capital and Square 1 Bank will help power EdgeWave on its mission to provide our much needed capabilities to a rapidly expanding population of companies and organizations that are losing the fight and are unable to comply with security requirements and policies."
Concurrent to the funding, EdgeWave also announced it has secured a $5 million credit facility with Square 1 Bank, providing additional working capital to fund the company's growth.
"EdgeWave is a prime example of the companies we like to see -- solid product and fundamentals, impressive management team and an experienced and committed new equity investor," said Peter Drees, Founder and Managing Director in Square 1 Bank's San Diego office. "The team at EdgeWave has established a trajectory for continued success and future growth."
About EdgeWave, Inc.
EdgeWave is a cybersecurity industry leader delivering innovative, effective and efficient security solutions across the full spectrum of business and government organizations. EdgeWave combines real-time human and artificial intelligence, and a military-grade approach to anticipate, identify and defend against the most sophisticated adversaries and most challenging security threats. EdgeWave received four 2014 Network Product Guide 'Best' Awards for iPrism Web Security and ePrism Email Security. Learn more about how EdgeWave is transforming Cyber Security at www.edgewave.com.
About TVC Capital, LLC
TVC Capital is a San Diego-based growth equity firm focused on investments in and acquisitions of software companies and software-enabled service firms. TVC Capital targets a wide spectrum of software sectors and industry verticals that are poised for growth and consolidation. The TVC team is led by operating executives with more than 60 years of experience growing technology companies into market leaders. For more information, visit www.tvccapital.com.
About Square 1 Bank
Square 1 Bank is a full service commercial bank dedicated exclusively to serving the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion. Square 1's expertise, focus and strong capital base provide flexible resources and unmatched support to meet our clients' needs. Square 1 has offices coast-to-coast in Austin, the Bay Area, Boston, Denver, Durham, Los Angeles/Orange County, New York, San Diego, Seattle, Silicon Valley and Washington, DC. For more information, visit www.square1bank.com.
©2014 EdgeWave, Inc. All rights reserved. The EdgeWave, iPrism, and ePrism Logos are trademarks of EdgeWave, Inc. All other trademarks and registered trademarks are hereby acknowledged.
Julia Yuryev/Bridget Nolan