Bitglass Announces $25 Million in Series B Financing
SingTel Innov8 and Large Global Bank Invest in Total Data Protection Company
CAMPBELL, Calif., August 5, 2014-- Bitglass, a leader in data protection for the enterprise, today announced it has secured $25 million in Series B funding. New investors include a large global bank and SingTel Innov8, the venture investing arm of SingTel Group, Asia's leading communications group with over 500 million mobile customers. Existing investors NEA and Norwest participated in the round. Scott Sandell, general partner and head of NEA’s technology investing practice, will join Bitglass’ board of directors.
The capital infusion, which brings Bitglass’ total funding to date to $35 million, will be used to expand sales, marketing and technology development of Bitglass’ Total Data Protection solution. Bitglass offers the industry’s most complete solution, securing corporate data in the cloud, at access and on mobile devices.
“Data security takes center stage in this era of cloud and mobile,” said Jeff Karras, managing director of SingTel Innov8. “Bitglass is a leader in the US and we look forward to helping them gain global momentum.”
Since emerging from stealth in January 2014, Bitglass has enjoyed strong demand for its Total Data Protection solution. The company currently enables customers in every major vertical, including healthcare, financial services, manufacturing and transportation to secure BYOD and cloud applications such as Google Apps, Salesforce, Microsoft 365 and Box.
“We are honored to attract capital from investors with a first-hand understanding of the markets we serve,” said Nat Kausik, CEO of Bitglass. “The fresh capital will enable us to accelerate innovation and growth.”
Bitglass’ 2014 Cloud Adoption Report found that security continues to be the number one inhibitor to cloud and mobile adoption in the enterprise. Bitglass has delivered several disruptive innovations that are enabling enterprises to easily adopt the mobile devices and cloud apps that their business needs, including the following:
• Cloud encryption – Bitglass enables enterprises to adopt public cloud apps while storing data encrypted in their own private cloud. Bitglass’ patent-pending searchable full-strength encryption technology has been vetted by leading cryptographers.
• Clientless BYOD security –Bitglass secures corporate data on any device with no software agents or profiles.
• Data tracking and visibility – Bitglass’ data-centric security embeds protection directly into the data, and automatically tracks, encrypts, and redacts sensitive corporate data based on policy and context.
• User experience – Bitglass is completely transparent to end users allowing them to access corporate data the way that they normally do, without worrying about whether IT is monitoring their personal communications.
Bitglass (bitglass.com) delivers innovative technologies that transcend the network perimeter to deliver total data protection for the enterprise — in the cloud, on mobile devices and anywhere on the Internet. Bitglass was founded in 2013 by a team of industry veterans with a proven track record of innovation and execution. Bitglass is based in Silicon Valley.
About SingTel Innov8
SingTel Innov8 (Innov8), a wholly-owned subsidiary of the SingTel Group, is a corporate venture capital fund, with its own set of decision making, approval and funding processes. It has an initial fund size of S$200 million. Innov8 focuses its investments on technologies and solutions that lead to quantum changes in network capabilities, next generation devices, digital content services and enablers to enhance customer experience. It works closely with the ecosystem of leading innovators, developers, government agencies, R&D and capital providers to bring cutting-edge technologies and solutions to the various markets the SingTel Group operates in. Learn more at http://innov8.singtel.com.
Bitglass Public Relations
Joshua Heath, 801-461-9797
Zachary Allen, 801-461-9751
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