The new investor, Paladin Capital Group, is joined in this new equity round by existing investors Sigma Partners, Palomar Ventures, InterWest Partners, GRA Venture Fund, Imlay Investments, and Blumberg Capital, each adding to their equity stake in the company. Philip Eliot, Principal, Paladin Capital Group, will join the Damballa board.
"The advanced and persistent nature of recent targeted cyber attacks has outpaced all existing security defenses for most private and public sector network security teams," said Eliot. "Damballa is the clear leader in cyber threat security solutions for enterprise and service provider networks and has experienced rapid growth due to its innovative solutions and world-recognized threat research team. We are excited about the significant growth potential for Damballa in its existing markets and its innovative plans to protect cloud and public sector networks from cyber threats and abuse. We are proud to join the dynamic and experienced executive management team that Damballa has assembled."
Damballa provides cyber threat solutions for enterprise, ISP and telco networks. Damballa solutions detect and terminate criminal activity associated with targeted attacks, as well as botnets and advanced malware that conduct fraud, engage in industrial espionage, and steal corporate data and customer credentials.
"We are excited about the proven investment track record and public sector exposure Paladin brings to Damballa," said Val Rahmani, CEO of Damballa. "Our customers are among the largest, most respected brands in their industries, and the advanced protection they count on from Damballa has resulted in a 100 percent renewal rate. As more network activity shifts to mobile devices and the cloud, Damballa is leading the market in protecting these networks from cyber attacks and targeted threats. This latest round of funding will help us capitalize on the enormous growth opportunity and global market demand for our solutions, and enable us to expand our research and engineering efforts to extend our leadership position."
