Four consecutive quarters of profitability and growth spurs funding to accelerate market penetration.
Wilmington, MA, – Brook Venture Partners (“Brook”) announced today that it has led a $2 million investment in Security Innovation, (“SI”), the leading provider of application security and high-performance crypto solutions. Proceeds from this second round of institutional funding will be used primarily to scale marketing and sales activities, and also to further the development of ‘TeamProfessor’, the company’s world-class eLearning system, and the industry’s largest application security eLearning library.
“With four consecutive quarters of profitability and growth, SI has demonstrated that its security solutions solve its customers’ most pressing security challenges. This investment will help SI expand their product offerings while continuing to deliver high-impact consulting services that are complementary and in high-demand,” said Jeff Emig, a principal with Brook.
“We continue to grow our business and maintain profitability simply by providing our customers with the services, knowledge and tools they need to protect critical assets and reduce application risk” said Ed Adams, president and CEO of Security Innovation. “Additional investment will help accelerate growth in our eLearning business and respond to our customers’ need to build internal expertise and roll out complete data protection solutions.”
Security Innovation is a trusted advisor to government agencies, Fortune 500 companies and other forward-thinking organizations who rely on SI to uncover problems in their applications and processes and integrate security at each phase of the development lifecycle. According to Stan Black, CSO of Nuance: “Application security is important to Nuance and our customers. Our commitment to security includes the use of external experts like Security Innovation to help us stay current with the latest trends, research, training, and attack vectors. This complements our internal testing efforts and reinforces our dedication to maintaining a high-level of security in Nuance products and services”.
About Brook Venture Partners
Brook Venture Partners provides expansion stage capital through Brook Venture Fund I, Brook Venture Fund II and other co-investment funds to Information Technology and Medical Technology companies located in the Northeastern United States. The firm focuses on investments of $5-$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 www.brookventure.com.
About Security Innovation
Security Innovation is an established leader in the software security and cryptography space. For over a decade the company has provided products, training and consulting services to help organizations build and deploy more secure software systems and harden their data communications schemes.
Security Innovation built upon its core competencies in application security with the acquisition of NTRU CryptoSystems in 2009, a company that developed proprietary, standardized algorithms. This resulted in the strongest and fastest public key cryptography available and the means to overcome historical implementation and speed barriers that have plagued the data encryption industry. With these core strengths intact, Security Innovation is in a position to help organizations protect their data at two critical points: while applications are accessing it and during transmission. The company’s flagship products include TeamProfessor, the industry’s largest library of software security eLearning titles, and TeamMentor, the industry’s first secure development process product.
Security Innovation is privately held and is headquartered in Wilmington, MA USA.