Macheen Inc., a service provider for connected devices, has closed an additional $10 million in financing to build on its leadership position as an enabler of flexible cloud-based connectivity solutions. Philippe Vallée, representing GemVentures, will join Macheen’s Board of Directors as the company continues its drive to deliver greater choice for end-users and new monetization opportunities for device manufacturers, value-added resellers, network operators, and content and cloud service providers.
Macheen’s existing investors also participated in this new financing. Existing investors include North Bridge Venture Capital, which led last year’s Series B financing; and DFJ Mercury (a partner in the DFJ Global Network of venture funds, with over $7 billion in capital under management), which led Macheen’s Series A financing in 2010. Also among Macheen’s investment group are prominent angels and industry figures Tom Meredith, Mike Maples Sr. and Yechiam Yemini.
Richard Schwartz, Macheen’s President and CEO, commented, “We are thrilled to welcome GemVentures as an investor and Philippe Vallée as a board member. Philippe’s vast knowledge, experience, and relationships will be invaluable to Macheen as we continue to expand our cloud-based connectivity services platform.”
Philippe Vallée added, “Macheen is exemplary of the kind of company in which GemVentures tends to invest: at the forefront of an exciting new opportunity, management with a track record of success, and early momentum that underscores and validates its approach. Richard and his team are building the future connectivity model for devices and we are happy to support innovation in the mobile industry.”
Alert Logic (Security-as-a-Service for the cloud) today announced that it has closed a $12.2 million round of financing led by new investors Industry Ventures and DH Capital, and joined by all existing investment firms and several members of the company’s management team including Updata Partners, Covera Ventures, DFJ Mercury, OCA Ventures and Access Venture Partners. Alert Logic will use the funding to accelerate the growth of its new Web Security Manager product line, including deployment of Web Security Manager throughout Alert Logic’s channel of hosting and cloud service provider partners, and to accelerate the growth and adoption of the company’s new elastic cloud security solutions.
“After tripling the size of our company in less than three years and building a customer base of over 1,700 customers representing nearly $30 million in annual recurring revenue, we remain focused on delivering security and compliance solutions to customers of cloud providers,” said Gray Hall, president and CEO at Alert Logic. “Adding new product lines such as Web Security Manager, and new deployment models such as our elastic cloud solutions, is exactly what our customers and partners are asking us to do. This additional capital gives us the ability to move more aggressively in each of these strategic new directions.”
“We are excited about adding Alert Logic as a portfolio company,” said Justin Burden, partner at Industry Ventures. “Having previously invested in security industry leaders such as Fortinet, Sourcefire and Tripwire, we consider cloud security to be one of the strongest investment themes in the IT industry and we believe Alert Logic will prove to be a cloud security market leader.”
“DH Capital has been the leading provider of financial advisory services to hosting and cloud service providers since the inception of the industry segment,” said Peter Hopper, co-founder and CEO of DH Capital. “Alert Logic has the strongest and most-developed channel of service provider partners in the industry, and is setting the standard for delivering SaaS managed security service solutions.”
Alert Logic’s Security-as-a-Service solutions provide customers four distinct advantages: market-leading security tools, a fully outsourced and managed SaaS delivery model, integrated 24×7 Security Operations Center (SOC) services to monitor and provide expert guidance, and the ability to deploy wherever a customer has IT infrastructure – including the cloud.