PGP Corporation has announced it has closed $27.3 million in Series C funding. The round adds new investors Intel Capital, the venture capital arm of Intel Corporation, and the D. E. Shaw group, a global investment and technology development firm with approximately $30 billion in aggregate investment capital. The round also includes participation from existing investors DCM and Venrock.
PGP Corporation will use the new financing to accelerate organic and inorganic technology development and further fund its channel expansion. The company’s vision is to extend key management functionality in the PGP Encryption Platform to transparently manage third-party devices and software from PGP, ISVs, and customers’ in-house applications. Unified key management, already proven with third-party developers such as Research In Motion, is crucial to Enterprise Data Protection, a new approach to data security that enables enterprises to protect data wherever it goes. Extensible key management also provides lower cost of ownership and lower deployment costs because devi