Quantcast

Solera announces financing from Intel Capital

Published: Monday, Jan. 30 2012 12:07 p.m. MST

Solera Networks announced today that it would be receiving $20 million in Series D financing from Intel Capital.

soleranetworks.com

Enlarge photo»

SOUTH JORDAN, Utah — Solera Networks, a company that helps others monitor computer networks, raised $20 million in Series D financing from Intel Capital and other investors.

The money will be used to support the company's sales, marketing and product development. The company will add 40 people to its 60 person staff by the end of the year. About 28 of the new positions will be in sales and marketing, said Steve Shillingford, Solera's chief executive officer, in a telephone interview.

A quarter of the company's revenue comes from international customers. More people will be deployed in Utah and around the world to go after that growth, he said.

"The $20 million gives us a very nice war chest, to grow the business, to provide a cushion and expand our footprint in Utah," Shillingford said. "As a new company, growth and establishing market share, are important benchmarks for success."

Shillingford said he hopes that company doesn't need any more funding rounds. The company should become profitable by the end of 2012.

“With increasingly large amounts of data crossing corporate networks, organizations must balance advanced threat prevention with an aggressive and proactive response system to be fully prepared when an inevitable breach occurs," Sean Cunningham, Intel Capital Investment Director, said in the statement. “Solera Networks delivers a scalable, high-performance solution that addresses these challenges and is the only independent platform capable of broad integration. We are very optimistic about where Solera is headed.”

Intel Capital will be joining current investors Allegis Capital, Signal Peak Ventures and Trident Capital.

The financing for Solera comes after a year of growth. The popularity of the DeepSee platform used by Solera has grown across the world. The program is used to respond to security events by viewing captured network traffic.

“Malware entering the network and key intellectual property leaving are top-of-mind for every chief information security officer and for Solera Networks," said Steve Shillingford, CEO of Solera Networks, in a statement.

"We’re providing complete visibility into what’s happening on the network, including all threats coming in and all data going out, allowing organizations to shut down breaches before they result in widespread loss,” he added.

Solera uses security technology to collect, index and classify network traffic. This provides a full view of what is happening and can predict any potential security threats.

Intel Capital makes investments in technology start-ups and other worldwide companies.

With reporting by Jordan Burke.

Email: bcarreon@desnews.com

Get The Deseret News Everywhere

Subscribe

Mobile

RSS