Neoteris Closes $17.5 Million in Funding To Expand Instant, Secure Application Access Product Offerings
Battery Ventures Joins Existing Investors Jim Clark, The Barksdale Group, and NEA to Lead Series C Financing Round; Mark Sherman Joins Board of Directors
MOUNTAIN VIEW, Calif. – March 24, 2003 – Neoteris, the leading instant, secure application access vendor, today announced that the company has closed a $17.5 million Series C round of financing. Battery Ventures led the round, which also included previous investors Jim Clark, The Barksdale Group, and New Enterprise Associates (NEA). The money will be directed toward new product development initiatives, as well as scaling sales, distribution, and support divisions to meet rapid growth and customer demand. Neoteris also announced today that Mark Sherman, General Partner at Battery Ventures, joins the Board of Directors. Additionally, the company released its latest customer acquisition data, demonstrating continued corporate success and market leadership.
Since introducing its first award-winning Instant Virtual Extranet (IVE) products in November 2001, Neoteris has secured more than 250 enterprise-class customers. More than 25 percent of its IVE appliance customers are included in the Fortune 1000 or Global 1000, and currently more than 600,000 users around the world enjoy the benefits of secure access through a Neoteris IVE platform. Additionally, Neoteris has successfully built a comprehensive Technology Partner Program with the industry’s best-of-breed application and security vendors to ensure interoperability. The Neoteris Access* Series is currently sold through more than 65 channel partners in North America, EMEA, and Asia Pacific.
“We thoroughly studied the companies in the application-layer access space, and Neoteris clearly showed it was the leader through both its market acceptance and technical achievement,” said Mark Sherman, General Partner, Battery Ventures. “We have been very impressed with their innovative technology, their customer traction, and the enormous return on investment that their customers receive over traditional network-layer remote access solutions. This is a company that has executed flawlessly on its plans in a very tough economic climate, and we are pleased to join a fantastic group of investors to support the company as it enters its next stage of development.”
Neoteris introduced a novel category of Secure Sockets Layer (SSL)-based secure access appliances in November of 2001 that changed the way employees and partners access corporate information. Through the Neoteris Access Series of IVE appliances, authorized users can gain secure remote access to network resources from any standard Web browser. As a result, users are no longer constrained to use specific machines or to work from designated locations; they can work from anywhere they can get an Internet connection and a Web browser. There is no need to install, configure, or maintain a client. Given the reduced support overhead implied, IT human and capital resources can be re-allocated to other areas. The Access products enable greater mobility and productivity for enterprises than ever before.
“Neoteris is pleased with the significant progress we have made to date and our contribution to the rapid growth of the SSL-based secure access market,” said Neoteris President and CEO, Krishna “Kittu” Kolluri. “With the support of our investors, we will increase our rate of investment in product, distribution, and support in order to extend our leadership position, as well as drive the evolution of our product category. I am very excited about Neoteris’ future and am pleased that our investors have the confidence in our vision to help us to continue growing the company at an aggressive rate.”
With numerous security features, cost benefits, and a user-friendly interface, the Neoteris’ IVE platform offers enterprises a compelling solution to satisfy a variety of secure access needs. For more information on Neoteris IVE products, please visit http://www.neoteris.com/products.html.
Neoteris IVE Secure Access Appliances
The Neoteris Access(tm) Series provides enterprise-class secure access to network resources for remote employees, customers, and partners. Contrary to traditional access technologies, there is no client software to install because Neoteris leverages SSL for secure, controlled access to resources via any Web browser. The Neoteris Access appliances also eliminate the need to secure or harden servers, or make changes to existing infrastructure. The result is a more cost-effective, secure access solution that is easy for customers to deploy and simple for end-users to operate.
Neoteris Access appliances provide application-layer access, stringent access controls, and granular auditing and reporting capabilities to further minimize IT headaches and security concerns. Additionally, the IVE platform offers enterprise-class high availability and performance scalability options, so secure access can be deployed on a wide scale without worrying about user downtime, lost productivity or network performance. Neoteris IVE appliances have passed rigorous security audits by TruSecure Corporation, Cryptography Research, Inc., and security and forensic computing expert Dan Farmer. The products have also won numerous awards as an innovative and compelling access solution, helping enterprises increase efficiency and productivity.
About Neoteris
Neoteris, Inc. is the leading instant secure application access vendor. With its Instant Virtual Extranet (IVE) platform, Neoteris delivers innovative, best-of-breed security products, including the award-winning Neoteris Access Series of security appliances. Founded in May 2000, Neoteris is a privately held company backed by Jim Clark, The Barksdale Group, New Enterprise Associates, Battery Ventures, and individual investors. The company is headquartered in Mountain View, Calif., and has international offices in London, Frankfurt, and Hyderabad, India. Go to