NEA selects PortAuthority technologies for its investment into the ILP market
PortAuthority Technologies closed its latest round of funding, raising approximately $18 million. New Enterprise Associates (NEA) led the investment round, with full pro-rata participation by Sequoia Capital, Greylock Partners and Lexington Ventures, the company’s previous investors.
PortAuthority Technologies is a growing leader in the ILP and Content Monitoring/Filtering markets. It delivers security solutions that reliably and accurately control the unauthorized distribution of sensitive information for data privacy, confidential information protection, and compliance with regulations such as Sarbanes-Oxley (SOX), the Health Insurance Portability and Accountability Act (HIPAA), the Payment Card Industry (PCI) Data Security Standard, the Family Educational Rights and Privacy Act (FERPA), and the Gramm-Leach-Bliley Act (GLBA). With more than 27 patents pending, only PortAuthority stops information leaks by continually monitoring internal and outbound communications and delivering policy enforcement in a real-time and accurate manner.
In addition to the financing, which will go toward funding the company’s sales and marketing expansion to take advantage of one of the fastest growing security market segments, PortAuthority Technologies has also announced that security industry stalwart Krishna “Kittu” Kolluri will represent NEA on the company’s board of directors. Mr. Kolluri has a strong track record of success in security, including serving as the President and CEO of Neoteris, Inc., and growing it into the SSL VPN leader. His most recent position before joining NEA this year as a General Manager was at Juniper Networks, where he ran the Security Products Group as Executive Vice President and General Manager.
PortAuthority Technologies’ growing customer base has confidence that their internal data is secure, both for privacy, regulatory compliance and intellectual property concerns. Unlike other industry solutions, PortAuthority Technologies’ advanced algorithms use granular data matching techniques that are resilient to data manipulation. Studies and industry feedback confirm that its PreciseID technology delivers the industry’s highest accuracy with the lowest false positives and false negatives. Organizations easily integrate PortAuthority Technologies’ appliance with their existing solutions to preserve their investment, while gaining best-of-breed information leak prevention to ensure regulatory compliance.