Security Innovation Raises $4M of Growth Capital, led by Brook Venture Partners
Wilmington, MA – March 26, 2015 Security Innovation, a cyber security firm specializing in software security, announced today that it has secured an additional $4 million investment to address the needs of their expanding market, led by existing investor Brook Venture Partners (BVP) together with existing investor Gordon M. Burns, Director at Compass Diversified Holdings LLC. The funds will be targeted to further extend Security Innovation’s current portfolio of products and services as the pre-eminent security provider for securing the critical systems on which the world depends.
The Internet of Things (IoT) explosion is powered by software. Since 2002, Security Innovation has specialized in securing software, no matter where it runs – on a mobile phone, in an automobile, on a retail point-of-sale system, or as part of an online enterprise application. With rapidly expanding expertise in crypto and secure communications, Security Innovation is now even better positioned to help organizations ensure that they are not vulnerable at their weakest link – software.
The company’s deep expertise has driven its ability to acquire and retain many of the most recognizable brands in the world as its clients. This latest investment will further enable the company to expand its already impressive set of security solutions and bring them to new global markets.
“The emergence of the IoT creates difficult security challenges as well as a greater need to keep data safe”, said Larry Ponemon, Chairman and Founder of the Ponemon Institute. “Security Innovation’s expertise in securing software and the hardware platforms on which it runs makes them uniquely positioned to rapidly gain valuable market share.”
With 8 patents and a suite of solutions to help organizations build internal security expertise and identify weak spots, Security Innovation has become the trusted advisor to many Fortune 500 and mid-size companies who rely on the company to solve challenging cybersecurity problems and reduce the ever-present risks inherent in today’s software.
“Security Innovation has been able to grow swiftly because we continually adapt our services, knowledge and tools to meet the most pressing pain points of the market,” said Ed Adams, president and CEO of Security Innovation. “Innovative solutions such as our MAST (managed application security testing) service, our Aerolink product for secure Vehicle to Vehicle (V2V) communications, and the most expansive application security training platform help organizations keep customer data safe in a variety of environments.”
“Security Innovation has spent the past several years establishing disciplined and scalable business practices. This operational efficiency has enabled the company to grow faster than the markets in which it operates while maintaining profitability,” said Fred Morris, Partner at BVP. “The management team comprises world-class professionals, driven by excellence, and operating in a high-growth market; this is exactly the type of company in which BVP continues to invest in.”
About Brook Venture Partners
Brook Venture Partners provides expansion stage capital through Brook Venture Fund III, to Information Technology and IT Services companies located in the Eastern United States. The firm focuses on investments of $4-$10 million and specializes in both financing and providing the strategic and planning support necessary to rapidly scale and accelerate sales and marketing activities. Brook is headquartered outside Boston in Wakefield, MA. For more information, call 781-295-4000 or visit http://www.brookventure.com.
About Security Innovation
A software security pioneer since 2002, Security Innovation is dedicated to protecting sensitive data in the world’s most challenging environments – whether on embedded systems, desktops, web applications, mobile devices, or in the cloud. Recognizing that software applications no longer exist in isolation, our clients are better prepared to anticipate, navigate and reduce software security risk regardless of technology or system complexity. There are more than a million licenses of Security Innovation’s eLearning products in use today and our embedded security products ship on tens of millions of systems each year. The company is privately held and is headquartered in Wilmington, MA USA. Visit the company at www.securityinnovation.com or follow on Twitter @SecInnovation.