eIQnetworks Closes $10 Million Round in Company’s First Institutional Financing
Venrock Leads Round, Validating eIQnetworks Superior Security and Compliance Automation Offerings
ACTON, Mass.– January 21, 2009 – eIQnetworks®,
Inc., the company redefining security and compliance
management, recently closed a $10 million round of financing. Venrock led the company’s first institutional round,
recognizing that eIQnetworks’ solutions are poised to become a
de-facto standard way to react faster to IT security threats,
automate regulatory compliance initiatives, and streamline and
improve security operations. eIQnetworks will use the funding
to rapidly expand its marketing, sales and product development
efforts.
“We are very excited to join the eIQnetworks team,” said Mike
Tyrrell, a partner at Venrock who is joining eIQnetworks’
Board of Directors. “Even in today’s current economic climate,
the company is growing quickly because its products solve a
significant problem for large enterprises and government
agencies. We look for large and compelling market
opportunities, a product vision that can meet the market’s
need, and a team that can execute. eIQnetworks has all of
these pieces.”
“Raising our first round of venture capital in this kind of
economic environment is a true testament to the hard work of
our team,” said Vijay Basani, CEO of eIQnetworks. “In a time
when our competitors are struggling to stay alive, we are
growing and redefining what customers expect from security and
compliance management by offering situational awareness and
end-to-end visibility to detect threats to critical
information assets.”
eIQnetworks is now positioned to fully capitalize on the
significant market opportunity for security and compliance
management. In recent months, the company has enhanced its
product line while attracting the emphatic support of new
executives and advisors. Among the company’s many assets:
• Proven technology - Customers are selecting
eIQnetworks for its innovative approach to security and compliance
management, which delivers a clear and comprehensive picture of an
enterprise’s security and compliance posture. Going beyond
traditional SIEM and log management competitors that
evaluate IT threats by looking only at log data, eIQnetworks
SecureVue® correlates log data with other critical and
essential security data, such as configuration, asset,
performance, vulnerability, and network flow data. This broad
correlation across all data sources increases operational
efficiency and cost savings through increasing the accuracy of
breach detection, eliminating policy violations, accelerating
forensic analysis, and reducing the need for other solutions.
• Deep executive bench - eIQnetworks announced key
additions to its management team in 2008, when Jim Geary joined as
president and Mike Rothman as senior vice president of strategy and
chief marketing officer. The two executives offer a distinguished
track record managing and driving the rapid growth of IT security
companies.
“eIQnetworks is winning business because it’s becoming very
apparent that log data is not enough given the deluge of
security attacks,” said Geary. “The hackers are adapting their
efforts to easily outsmart traditional SIEM tools by turning
off logging. eIQnetworks spots attacks that are missed by
other SIEM products simply because they are not looking at the
broad array of data sources that we analyze and correlate. In
the process, we eliminate the long deployment cycles and
redundant costs associated with other security approaches that
rely on multiple security monitoring products, complicated
database systems, and overlapping reporting mechanisms.”
• Successful advisors - Mike Tyrrell brings to
eIQnetworks a history of identifying companies that become market
leaders. On the Board of Directors he joins Vijay Basani, Jim Geary
and Cheng Wu, a serial entrepreneur in the networking, mobile
content and virtualization markets who has served in various
executive roles at a series of companies.
“In addition to providing the initial funding for technology
industry giants, such as Intel and Apple, Venrock has been one
of the most successful security investors providing funding
for security leaders like Check Point, Vontu, Pedestal
Software, IMLogic, Whole Security, Imperva, and now
eIQnetworks,” continued Basani. “Having a set of advisors like
Mike Tyrrell and Cheng Wu who have ‘been there and done that’
will be invaluable as we establish a market leading position
in security and compliance management.”
• Corporate industry recognition - Red Herring recently
selected eIQnetworks as a winner of the Red Herring Global 100
Award program just a few months after honoring the company as
one of the best 100 emerging private technology companies in
North America for 2008. In August 2008, Inc. Magazine ranked
eIQnetworks third among the “Top Security Companies” on the
2008 list of the 500 fastest growing privately held entities.
About eIQnetworks
eIQnetworks is redefining security and compliance management
by fostering collaboration across security, network, data
center and audit teams to more quickly isolate the root cause
of security issues and ensure compliance mandates are being
enforced. Global financial, media, healthcare, manufacturing,
and government enterprises rely on eIQnetworks to make sense
of formerly disparate data sources to react faster to emerging
threats, automate their compliance efforts, and more
effectively monitor security policies. Headquartered in Acton,
Mass., eIQnetworks is located online at
www.eIQnetworks.com and can be reached at
+1 877.564.7787.
About Venrock
Venrock is a premier venture capital firm with offices in Palo
Alto, New York, Cambridge, MA, and Israel. Originally
established as the venture capital arm of the Rockefeller
family, Venrock continues the eight-decade tradition of
partnering with entrepreneurs to establish successful,
enduring companies. Having invested $2.3 billion in 430
companies resulting in 124 IPOs over the past 40 years,
Venrock’s investment returns place it among the top tier
venture capital firms that have achieved consistently superior
performance. With a primary focus on technology, healthcare,
and energy, portfolio companies have included Adify, Adnexus
Therapeutics, Apple Computer, Centocor, Check Point Software,
DoubleClick, Gilead Sciences, Idec Pharmaceuticals, Illumina,
Intel, Millennium Pharmaceuticals, Sirna Therapeutics,
StrataCom, and Vontu. For more information, please visit
Venrock’s website at
www.venrock.com.
