Bit9 Raises $10 Million in Third Round of Venture Funding
October 24, 2007 (PRLEAP.COM) Technology NewsCambridge, Mass. – 10.22.07 — Bit9, Inc., the leading provider of application control and device control solutions, today announced it has raised $10 million in a third round of private venture funding. Leading the round was .406 Ventures, with participation from existing investors Kleiner, Perkins Caufield & Byers, Atlas Venture, and Highland Capital Partners. The new round brings Bit9’s venture funding to date to $25.8 million, with an additional $2 million provided by a federal grant from NIST ATP in 2003.
“By providing a completely differentiated application control and device control solution that enables customers to specify which software and devices are appropriate and approved to operate within their environment, Bit9 customers experience an unprecedented level of visibility and control over their networks and endpoints,” said Maria Cirino, managing director of .406 Ventures. “The technology behind this innovative approach to securing enterprise desktops and laptops is unequaled, and .406 Ventures is pleased to lead this financing round to help the company leverage its early market leadership.”
“A very important paradigm shift within the security industry is software whitelisting and device whitelisting, and Bit9 gives customers an easy and business-friendly way to achieve it,” said Ted Schlein, partner at Kleiner, Perkins, Caufield & Byers. “We believe Bit9 offers a game-changing technology that transforms the way companies protect their endpoints.”
“The bottom line is that Bit9's application control and device control solutions are addressing two of the most important concerns in information security today: preventing malware and data leakage,” said Jeff Fagnan, partner, Atlas Venture. “Bit9 continues to gain market traction and momentum with prospects and customers; the new funding will help Bit9 further capitalize on its impressive track record.”
“Bit9’s breakthrough approach to controlling desktops and devices both automates the approval of trusted software and devices and stops unapproved software from executing, providing customers with a multi-layered endpoint security strategy,” said Paul Maeder, managing general partner, Highland Capital Partners. “For customers needing Windows lockdown or whitelisting solutions, there is really nothing else like it in the industry, and we are delighted to continue our support of Bit9.”
In addition to closing its third round of funding, Bit9 recently introduced Version 4.0 of its Parity™ application control and device control solution with enhanced automatic whitelisting of trusted software and devices, granular device whitelisting, simulation of policy enforcement, and flexible Active Directory integration.
Bit9 also offers the Bit9 Knowledgebase, the largest collection of actionable intelligence about the world’s software, including commercial applications, open-source software, drivers, libraries, and malware. The Bit9 Knowledgebase currently comprises more than 4 billion files and grows by up to 50 million records a day. This software identification service helps users understand what is on their desktops, accurately assess threat levels, and build a whitelist of trusted applications and devices specific to their environment.
Bit9 has been recognized for its innovative approach to desktop security with 8 prestigious awards this year, including SIIA’s CODiE awards, AlwaysOn Top 100 Private Companies, and the ComputerWorld Honors Awards, among others.
About .406 Ventures
Founded in 2006, .406 Ventures is an early-stage venture capital firm that invests in innovative Information Technology (“IT”) and services companies founded by the finest entrepreneurs. The .406 Ventures team is comprised of industry entrepreneurs, operators and investors who apply real world experience, deep industry knowledge and networks, and strong company-building skills to create value for our entrepreneurs and investing partners. .406 Ventures makes early-stage and de novo investments in market-changing IT Security and Infrastructure, Technology-Enabled Business Services, and Next-Generation Software companies.
About Bit9, Inc.
Bit9, Inc. is the leading provider of application control and device control solutions. The company’s award-winning, patent-pending whitelisting technology prevents malicious software and data leakage by centrally controlling which applications and devices can and cannot operate.
Unlike other application control and device control alternatives, Bit9 leverages the world’s largest knowledgebase of application intelligence to achieve business-friendly whitelisting, enabling IT professionals to realize the highest levels of desktop security, compliance, and manageability. Founded in 2002 by the founders of Okena (acquired by Cisco Systems (NASDAQ: CSCO)) and headquartered in Cambridge, Massachusetts, Bit9 is a privately held company. For more information, visit http://www.bit9.com.
Bit9, Inc., Automatic Graylists, FileAdvisor, Find File, Parity, and ParityCenter are trademarks or registered trademarks of Bit9, Inc. All other names and trademarks are the property of their respective owners.