Kiwi cyber security firm raises $6.2m in Series A funding
It was only two months ago when RedShield Security took home the iSANZ award for best security company of the year, and now the company has more news.
RedShield has successfully raised $6.2 million NZD as part of a Series A funding round from Sage Technologies - a technology venture of investment manager and QuantRes founder Harald McPike.
Since its launch, RedShield has quickly become one of the world's leading Web Application Firewall providers.
Andy Prow, co-founder and CEO, affirms that it is the world's first web application protection service to target 100% mitigation of known exploits.
“To have Sage's backing is fantastic validation of the progress we've made to date," he adds.
According to Prow, the funds will be used to accelerate the company's growth.
The capital raise is only the latest in a series of recent successes, following Kordia's acquisition of sister company, Aura Information Security, at the end of 2015.
Prow says the business has significant plans to capitalise on the opportunities afforded by cyber-security's growing, multi-billion-dollar globally addressable market, which analyst firm IDC predicts will reach USD $101 billion by 2020.
Craig Mawdsley of Sage Technologies, who has joined the RedShield Board, says Sage believes RedShield provides an innovative solution to globally pervasive web security problems.
“RedShield is well positioned to be the next New Zealand high growth technology story."