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Goldman Sachs Dumps $35 Million Into Cybersecurity Startup

iboss Cybersecurity Raises $35 Million From Goldman Sachs’ Private Capital Group

San Diego-based based iboss Cybersecurity announced on Tuesday that it has raised $35 million in a Series A funding round from investment giant Goldman Sachs.

The funds, coming from Goldman Sachs’ Private Capital Investing group, will be invested back into the company to support global expansion and development of new products, including the rollout of a new cloud platform, a company spokesperson told SecurityWeek.

iboss cybersecurity logoRather than focusing on keeping attackers out, iboss focuses on preventing data exfiltration and providing visibility into advanced evasive protocols used in advanced attacks and infection containment. The iboss platform monitors inbound/outbound data channels helps reveal blind spots, detect breaches and minimize the consequences of data exfiltration.

The company explained that it is in the process of introducing a cloud-based version of Secure Web Gateway Platform that will deliver the same features offered in its hardware appliance solution.

Founded by twin brothers Paul and Peter Martini, iboss says that it has been profitable since its inception and has grown by more than 1800 percent over the past three years, naming companies such as Xerox, Sears, Urban Outfitters and the U.S. Department of the Interior as customers.

“This funding from Goldman Sachs will provide significant resources for expanding research and development into new technologies along with international expansion,” said Paul Martini, CEO of iboss. "We’ve been profitable since we launched and after growing by reinvesting our profits, this is the right time to accelerate our expansion with outside funding.”

Following the investment, Goldman Sachs will hold a minority stake in iboss and Stephen Kerns, Vice President in Goldman Sachs’ Private Capital Investing group, will be joining the board.

The company recently invested $13 million to open a new 43,000 square foot global headquarters in San Diego that will include a threat research center to identify new malware and network security threats.

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For more than 10 years, Mike Lennon has been closely monitoring the threat landscape and analyzing trends in the National Security and enterprise cybersecurity space. In his role at SecurityWeek, he oversees the editorial direction of the publication and is the Director of several leading security industry conferences around the world.