EdgeWave Adds $2M to Extend Overhaul of Enterprise Cybersecurity
San Diego-based EdgeWave, which raised $6 million in equity funding in July (and arranged a $5 million credit facility), says today it has raised another $2 million in equity from three investors in an extension of its Series A round.
The cybersecurity company, known previously as St. Bernard Software, a public company, has been moving to a cloud-based approach since 2012, when Dave Maquera took over as CEO. He took the company private and has been leading an overhaul of the company’s technology.
San Diego’s TVC Capital, a private equity firm that specializes in growth equity software deals, added $1.2 million to its previous $6 million investment in Edgewave. Northgate, a Danville, CA-based private equity and venture firm invested $500,000, and RWI Ventures, a Menlo Park, CA-based venture firm, added $300,000 to the mix.
In addition to its Series A preferred shares, TVC also acquired 3 million common shares through an unspecified tender offer.
In a statement, EdgeWave says the additional capital will be used to continue its expansion in enterprise security. The company says its technology counters advanced cyber threats and ensures compliance with network security policies through a combination of artificial intelligence and “military-grade” cyber operations.
EdgeWave named retired Navy Capt. Mike Walls to lead its cybersecurity platform five months ago. Walls previously led a command in Norfolk, VA, that is responsible for defending Navy computer networks from hacker attacks.
William Baumel, managing director at RWI Ventures, says in today’s statement that EdgeWave is “differentiated by its top former military cyber security expertise and security products that independent third-party testing has shown to be superior to the competition.”