PacketMotion Inc., a San Jose, Calif.-based provider of user activity management solutions for IT audit and compliance efficiency, has raised $5 million in Series C funding. Reservoir Venture Partners led the round, and was joined by return backers Intel Capital, Onset Ventures and Mohr Davidow Ventures. The company has now raised $39.5 million in total VC funding since 2004.
PRESS RELEASE
PacketMotion, pioneers of User Activity Management, today announced the closing of a $5 million Series C Round of funding. Reservoir Venture Partners led the financing, with additional contributions from all of PacketMotion’s existing investors including Intel Capital, Mohr Davidow Ventures and Onset Ventures.
PacketMotion will use the funds to expand its sales force and bolster marketing in response to strong demand for its PacketSentry Manager and Probe that help mid- to large-sized enterprises meet compliance/audit requirements and mitigate insider security threats.
“We’re backing PacketMotion because no other compliance or security product offers the same ability to look at data at the application level while operating at the network level,” said Matthew Carbonara, general partner, Reservoir Venture Partners. “Further, PacketMotion’s one-of-a-kind solution actually delivers on what others have claimed in the past–it provides deep analysis and enforcement of all transactions based on user activity, versus IP address. The market opportunity is huge, and we want to help PacketMotion capitalize on it.”
PacketMotion’s solution avoids the use of agent software or in-line appliances, both of which typically impact application availability and performance. IT and security teams are able to integrate the PacketMotion solution in less than one day, immediately lowering the costs associated with complying with regulations such as PCI DSS, SOX and HIPAA.
“Since we launched PacketSentry in early 2008, our solution has been resonating with customers who need to do more with less,” said Paul Smith, CEO, PacketMotion. “This should be our last financing round as we move towards expected profitability in 2010.”
About PacketMotion
PacketMotion, Inc. has pioneered the development of User Activity Management (UAM) to drive IT audit and compliance efficiency. Recognized by Gartner as a “Cool Vendor in Identity and Access Management, 2009”, PacketMotion’s unique approach to automating compliance and security avoids the use of agent software or in-line appliances, both of which can affect application availability or performance. IT and security teams are able to integrate the solution in less than a day, immediately lowering costs associated with complying with regulations such as PCI DSS, SOX and HIPAA. The solution also is simultaneously used to manage risks from insider fraud and protect sensitive data. For more information, visit www.packetmotion.com.
About Reservoir Venture Partners
Reservoir Venture Partners is a venture capital firm specializing in investments in seed and early stage companies. The firm typically invests in information technology, biosciences and advanced materials manufacturing devices and measurement. Within information technology, it focuses on business solutions, systems software, security communications technology, and hardware and software wireless solutions. The firm typically invests in companies with market size of $500 million. Reservoir Venture Partners was founded in 2001 and is headquartered in Columbus, Ohio. For more information, visit www.reservoirvp.com.