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Sunnyvale, CA, United States, 2010/12/02 - Series C financing to fuel PacketMotion’s sales, distribution and marketing expansion to help company meet growing enterprise demand for User Activity Management solutions.
Athenian Venture Partners, together with PacketMotion™, the leading provider of User Activity Management (UAM) solutions, today announced the closing of an additional $2.7 million in financing, bringing the company’s total Series C Round of funding to $8.4 million. Athenian Venture Partners participated in the financing, which was led by Reservoir Venture Partners, with contributions from all of PacketMotion’s existing investors, including Intel Capital, Mohr Davidow Ventures and Onset Ventures.
PacketMotion will use the funds to continue expanding its sales force and distribution channels, and bolster marketing in response to strong demand for its PacketSentry™ Manager and Probe that help enterprises meet compliance/audit requirements and mitigate insider security threats.
“We are very excited about the recent addition of PacketMotion to our portfolio, both as an investment promising great returns and as a Company leading the way in the critical area of User Activity Management within the field of Network Security,” said François Hélou, senior partner, Athenian Venture Partners. “In addition to offering a powerful yet elegant plug-and-play solution, Packet Motion benefits from a highly skilled and experienced management team able to navigate its current growth phase.”
PacketMotion’s solution avoids the use of agent software or in-line appliances, both of which typically impact application availability and performance. IT and security teams are able to integrate the PacketMotion solution in less than one day, immediately lowering the costs associated with complying with regulations such as the Payment Card Industry Data Security Standard (PCI DSS) and Health Insurance Portability and Accountability Act (HIPAA).
“Customer adoption has been strong for us, despite the tight economy,” said Paul Smith, CEO, PacketMotion. “We are pleased to have Athenian Venture Partners join our growing investment group. In addition to PacketMotion benefiting from their support and wealth of industry connections, this latest round of funding will allow us to broaden our delivery of valuable security compliance solutions, which also protect enterprises from insider security threats.”
PacketMotion’s User Activity Management (UAM) solutions enable mid- to large-sized enterprises to simplify and lower the cost of meeting their compliance/audit requirements (PCI DSS, SOX, HIPAA, etc.) while delivering security functionality such as the ability to immediately stop user behavior that violates internal policies. A Gartner “Cool Vendor” company, PacketMotion (packetmotion.com) combines patent-pending software with powerful appliances to monitor individual user activity at the application level. The PacketSentry appliance operates out of band with no impact on network performance, and installs in less than one day, typically reducing compliance-related capital and operating costs by as much as 80 percent compared to a suite of siloed tools.
About Athenian Venture Partners
Founded in 1997, Athenian Venture Partners (athenianvp.com) is a coast-to-coast boutique venture capital firm investing in early through later stage Life Sciences and IT companies. It currently manages four funds and maintains a presence in the Midwest and in the main venture markets in the United States. Unique for a firm of its size, Athenian executes an investment strategy based on industry specific technical expertise, as well as a network and geography that gives it access to a range of syndicate partners and deals.
PacketMotion and PacketSentry are registered trademarks of PacketMotion. All other trademarks are registered to their respective companies. Copyright © PacketMotion 2010.