Fort Collins, Colo., Internet Security Software Provider Gets Venture Capital
Posted on: Wednesday, 5 October 2005, 21:00 CDT
By Kimberly S. Johnson, The Denver Post
Oct. 3--Privacy NETworks, a Fort Collins provider of Internet security software, said it received $2.4 million last week in its first round of venture capital funding.
The financing was led by Aweida Venture Partners, the firm operated by Storage Technology Corp. co-founder Jesse Aweida. Details of the funding were not released.
In addition to backing from Aweida, several private, individual investors participated in the round.
Privacy NETworks, founded in 2003, provides a suite of software -- Internet Communications Security Suite -- that manages archiving, encryption, spam and virus protection for corporate e-mail systems.
Last year, Privacy NETworks reached an agreement with Hewlett-Packard to have its security software embedded in HP servers prior to shipping.
"It's aimed at controlling e-mail and intellectual property," said Todd Massey, co-founder and chief executive of Privacy NETworks. "We're aimed at the small- and medium-sized business market." The funding will allow Privacy NETworks to expand its marketing, sales and engineering divisions.
The company has 12 full-time and eight part-time employees.
"We are definitely hiring people," Massey said.
He said the company has a strong partner in Aweida, which spent a long time researching the company before deciding to invest.
The venture firm invests in early-stage technology companies, said managing partner Dan Aweida.
"We know that Internet security is a growing concern with companies. We were looking for a local company that could address viruses, spam and broader security issues," he said.
"Privacy NETworks has the full solution."
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Source: The Denver Post
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