Damballa, an Atlanta, Georgia-based company that helps detect cyber threats, said today that it has closed $15 million in new funding to help propel growth.
The company says the fresh capital will serve as growth funding to help accelerate sales and distribution through channels to meet the demand for its solutions.
Prior to the funding round announced today, Damballa had raised $29.5 million, bringing the total funding to date to $44.5 million.
The round was led by private equity firm Adams Street Partners with existing investors adding to their equity stake in the company. As part of the deal, David Welsh, partner at Adams Street, will join the Damballa Board.
“Adams Street Partners has been looking to invest in the growing network security market for some time, and we are excited to come on board with Damballa,” said Welsh. “We were intrigued by several aspects of Damballa’s business, including the technology, people and customer base.”
“We are delighted with the dynamic and experienced team that Adams Street brings to Damballa,” said Val Rahmani, CEO of Damballa.
“Companies in all industries urgently need a better way of protecting their enterprises and their customers.” “Today’s advanced criminal operators can easily evade traditional security technologies,” said Rahmani, who previously served as General Manager of IBM’s Internet Security Systems (ISS) division after IBM’s $1.3 billion acquisition of the company.
“Threats are hiding in many corporate networks today despite layers and layers of security, and bring-your-own-device initiatives (BYOD) only make securing the enterprise more difficult. With our network-based approach and patent-pending analytics techniques, Damballa customers are experiencing a strong return on their investment by reducing their overall cost of threat detection and incident response, while rapidly identifying and terminating criminal activity before it can do harm.”