Waltham, Massachusetts based Bit9 Inc., a provider of endpoint security solutions, announced today that it has raised $12.5 million in funding, bringing the total raised by the company over the past year to $23 million.
The company’s security solutions help provide visibility and control over all software on endpoints, to reduce the risk caused by malware, targeted attacks and Advanced Persistent Threats. Bit9 plans to use the funds to accelerate the its growth to meet increasing global demand for endpoint security, and says the investment will allow it to invest in new product development, expand across Europe and ramp up sales and marketing efforts.
According to IDC, the endpoint security market is expected to grow at a compound annual growth rate (CAGR) of 8.3 percent from 2010 to 2014, reaching nearly $10 billion by 2014, up from $6.6 billion in 2009.
“Sophisticated and targeted cyber-attacks are forcing businesses to evolve their protection strategies to include application whitelisting technologies as a core component,” said Jeff Fagnan of Atlas Venture. “Bit9 has been a vanguard in this space and is poised to take advantage of the global market opportunity, with the right mix of people, technology innovation and funds to move the company to the next level.”
In 2003, Bit9 was awarded a $2M United States federal research grant from the National Institute of Standards and Technology-Advanced Technology Program (NIST ATP) to conduct the research that is now at the core of its application whitelisting solutions.
The funding was led by founding investor Atlas Venture along with existing investors – Highland Capital Partners, Kleiner Perkins Caufield & Byers, and .406 Ventures. Paul Capital Investments joined as a new investor in the round.