Vsecure Secures $3.4M

Vsecure Technologies raises $3.4M in second funding round, led by WestAM, bringing the company's total funding to $10M

June 23, 2003

2 Min Read

NEW ORLEANS -- Vsecure Technologies (US) Inc., a developer of advanced network security Intrusion Prevention products, announced today that it has raised an additional $3.4 million in investment funding and has now closed its Series B Round. This round was led by global asset manager WestAM and brings the company's total funding to $10 million. The proceeds of this financing will primarily be used for expansion of Vsecure's Sales and Marketing operations in USA. Specifically, Vsecure is focusing on sales channel development, extensive public relations and messaging and recruitment of additional staff in the United States. Parallel efforts will continue to further expand the functionality and capabilities of Vsecure's powerful intrusion prevention products -- specifically in the area of applications security.

WestAM joins a prestigious list of Vsecure investors, including Hyperion Israel Venture Partners, Hawkeye Ventures, COMSEC/Publicom and influential private investors. All existing investors participated in this new round.

"The success of this round is proof of the industry's trust in Vsecure as a company, as well as its trust in our technology," said David Saar, Vsecure's CEO. "Even in today's market, with all the uncertainty and budget-cutting, we are successful because we remain committed to providing our customers with the best defense against crippling network attacks. We're proud of our reputation and pleased with the outcome of this round."

Intrusion Prevention, long dismissed by security experts as an unattainable goal, has now moved into the mainstream as a credible solution for defending networks from a wide range of malicious attacks with little or no human intervention. According to recent projections from security industry analysts, the combined global Intrusion Detection/Prevention market is expected to grow to $1.5 billion by the end of 2005 with Intrusion Prevention accounting for up to $500 million of this total.

Vsecure Technologies Inc.

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