Security management services provider RedSiren Inc has secured $17.7 million in a Series B round of funding to help with business expansion and additional R&D investment.
The lead investor in the new financing round was Redleaf, a technology investment firm that put in $14 million, and provided a big chunk in the first round that raised $15 m. Other investors in this round include Safeguard Scientifics [SFE], and SEA Ventures. An additional $2 million is expected by the end of November.
The Pennsylvania-based company provides planning, preventive and managed solutions, including security awareness education. It claims to be the world’s largest privately held provider of IT security management solutions, delivering to more than 800 mid-tier and Global 1000 companies.
It claims revenue grew 1,000% in 2002 over 2001. The company expects to grow another 50% in the next 12 months, and expects to be profitable by early 2004.
RedSiren employs 75 people worldwide and has offices in the US, UK and Japan, mainly as a result of acquisitions. It acquired four security companies between late 2001 and June 2002, including Veritect Inc in June 2002, Secure Network Group in May 2002, Atomic Tangerine in October 2001, and Secure360 in July 2001.
This article was based on material originally published by ComputerWire.