Network security policy management provider FireMon announced Tuesday that it has secured $40 million in debt financing from Silicon Valley Bank (SVB).
Founded in 2004, FireMon serves over 1,700 enterprises in 70 countries and has more than 700 go-to-market partners globally. The company provides customers with visibility, control, agility, and automation for their cloud and hybrid networks.
FireMon, which registered a 300% quarter-to-quarter growth in Q2, 2020, claims to help customers react to change easier and eliminate human error.
The new funding, the company says, will be invested in product innovation and will help it accelerate sales momentum.
The United States Treasury has deemed FireMon critical to National Security, which qualified the security provider for US Government loans as part of the CARES Act. However, the company chose commercial financing instead and selected Silicon Valley Bank as a partner.
“This latest injection of financing allows us to continue to innovate for a market that is truly exploding. Network security policy as we know it is changing and our unique agile approach to NSPM is what sets us apart from traditional approaches that are increasingly ineffective, especially in cloud and hybrid environments,” said Satin H. Mirchandani, CEO of FireMon.
In May 2018, FireMon announced that it would acquire Lumeta, a company that specializes in cyber situational awareness, adding to previous acquisitions including Immediate Insight in 2015, and cloud security firm FortyCloud in 2016.
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