Foundation Capital Joins Utah Venture Partners to Complete New Funding Round
Venafi, Inc. today announced it has sold $11.2 million worth of common and preferred stock in a series B investment round led by Foundation Capital. Existing investor Utah Venture Partners also participated in the round.
"Venafi pioneered a new breed of systems management software we call Encryption Management," said Bill Elmore, General Partner, Foundation Capital. "I believe the market for Encryption Management systems is on the verge of exploding, and Venafi is poised to capture the lion's share of this new opportunity."
Venafi, which has been selling packaged encryption management software for several years, currently offers two systems for managing encryption and authentication solutions - Venafi Client Encryption Manger™ and Venafi Server Encryption Manager™. These two platforms manage encryption and authentication technologies deployed on client devices, front- and back-end servers, and several types of middleware systems.
"We're ecstatic to be working with a firm as reputable in our industry as Foundation Capital," said Trell Rohovit, President and CEO of Venafi. "Having this done solidifies the future of the company and gives us the operating capital to move forward aggressively to build a world-class software organization."