Stealthy Cloud-Based Security Startup ProtectWise Raises $14.1M

6/10/14Follow @MichaelXBD

A Denver-based network security startup launched by a serial entrepreneur in the industry has big news, although it’s trying to keep it under wraps.

ProtectWise, which is currently in stealth mode, just raised $14.1 million, according to an SEC filing submitted Tuesday. That follows a $3.1 million round the startup raised last year. The startup was incorporated in 2013.

By any standard, $17.2 million is a lot of money for a year-old startup in stealth mode to have raised. It might even be unprecedented for a Colorado-based tech company.

ProtectWise hasn’t publicized itself, but it has left a few traces on the Internet outlining what it will do, and some of those hints are telling.

On its webpage, ProtectWise describes itself as “an early stage, venture-backed company poised to disrupt network security with a breakthrough cloud platform.” Its LinkedIn account says the team “has deep expertise in the enterprise security, software as a service, and cloud industries.”

While the first bit of info is pretty vague, the latter detail is no boast because ProtectWise’s co-founder and CEO is Scott Chasin. Chasin co-founded and was chief technology officer of MX Logic, a Colorado-based network security company that McAfee bought for $140 million in 2009. The move was reportedly an attempt by McAfee to bolster its cloud-based security-as-a-service offerings. Chasin stayed on with McAfee after the deal and became its CTO for content and cloud security.

Gene Stevens is ProtectWise’s other co-founder and its chief technology officer. He has held engineering roles with McAfee and MX Logic.

A few other details can be gleaned from the SEC Form D filing that show ProtectWise is hitting the ground with serious resources and support. Listed among ProtectWise’s directors are two California based venture capitalists. They are Larry Orr, general partner at Menlo Park-based Trinity Ventures, and Eric Chin, a partner at San Francisco-based Crosslink Capital.

Ramon Peypoch and Matt Bigge are the other directors, along with the co-founders.

Other than the SEC filings and bits of info on the Web, ProtectWise isn’t revealing much (aside from Stevens’ attempt to land a speaking gig during Denver Startup Week, which ProtectWise is promoting on Twitter.) When reached Tuesday afternoon, Chasin directed my call to ProtectWise’s corporate spokesperson. I’ll provide an update if and when I hear back.

Otherwise we’ll wait and see what ProtectWise has in store when it makes its public debut.

Michael Davidson is the editor of Xconomy Boulder/Denver. He covers startups, venture capital, clean tech, energy, aerospace, telecoms, and whatever else happens above 5,280 feet. Contact him at mdavidson@xconomy.com. Follow @MichaelXBD

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