CloudPassage completed a $14 million series B financing round, bringing the company’s total funding to $21M.
The round was led by Tenaya Capital, with participation from existing investors Benchmark Capital and Musea Ventures. Brian Melton, Managing Director at Tenaya Capital, will join the CloudPassage board of directors.
The company will use the financing to accelerate market penetration of Halo, its cloud server security platform and extend its functionality with innovations previously in stealth development.
“With the cloud quickly gaining traction, we were the first to provide a security platform that allows companies to safely leverage this new computing model. We’ll be extending our leadership in the IaaS security space with innovations that will change how companies look at server security altogether” said Carson Sweet, co-founder and CEO of CloudPassage.
This new round of financing comes at an inflection point for CloudPassage. The company has experienced subscriber growth of over 70 percent during the first two months of 2012, compared with last year. Launching its first commercial product offering, Halo Professional, in November 2011 and Halo NetSec in February 2012, the company is aggressively expanding its customer base.
“We invested in CloudPassage based on the company’s ability to deliver innovative products that address a large market opportunity,” said Melton. “Security has been a key barrier to cloud adoption, and the company’s comprehensive cloud server security platform is well positioned to solve this problem.”