Confidela, maker of WatchDox, a document control, tracking and protection solution, announced today that it has raised a Series B funding round of $9.25 million.
The WatchDox software-as-a-service (SaaS) document control solution helps companies prevent data leakage and enables users to track documents and maintain control over them throughout their lifetime, providing users a way to prevent documents from falling into the wrong hands. With the solution, document owners can set document expiration dates, place watermarks identifying the document’s recipients, and limit their ability to view, forward, copy, paste or print documents. The company recently announced a solution in partnership with Mansa Systems that extends security to sensitive documents in Salesforce.
In this round of funding, Shasta Ventures joined existing investors Gemini Israel Funds and Shlomo Kramer (co-founder of Check Point and Imperva). Confidela says that this round of financing will help the company expand its sales team as the company secures new customers and larger deals in the financial services, pharmaceutical, biotechnology, legal, energy, manufacturing, insurance and government markets. The company will also rebrand as WatchDox and drop Confidela as its corporate name.
The increasing requirement for sharing and collaboration across organizations and geographies, along with cloud adoption and mobile computing makes protection at the company perimeter irrelevant.
“WikiLeaks, as well as numerous smaller document leakage incidents, have raised awareness for the need to better secure documents as they are shared inside and outside of the organization,” said Moti Rafalin, WatchDox CEO. “Legacy enterprise digital rights management and data loss prevention products are failing to address the problem, and enterprises are realizing documents need to be seamlessly protected and controlled wherever they go.”