Invincea, a cybersecurity company operating out of Fairfax innovating the use of virtual containers (or sandboxes) to keep computers safe from malware and other attacks, announced Monday that it has received $16 million in series C equity funding. The round was led by Aeris Capital and Dell Ventures, but local venture firms – and prior investors of the company – Grotech Ventures and New Atlantic Ventures also signed onto the deal.
With the new round of funding, Invincea plans to continue global growth and movement into the small business sector with its innovative cybersecurity model. Called FreeSpace, Invincea's solution against cyber attacks uses a virtual container within a local desktop computer to secure the most targeted applications from the rest of the system.
In an interview with InTheCapital a few weeks back, Thanasis Delistathis of New Atlantic Ventures spoke highly of Invincea as a leader in D.C.'s emerging market for cybersecurity. He explained how Dr. Anup Ghosh, founder and CEO of Invincea, spent time at DARPA and as a professor at George Mason University before founding the startup. Therefore, "he had the right framework for the emerging challenges in online security and then worked on an idea that took hold," Delistathis said about the genesis of Ghosh's Invincea model. "Instead of trying to build forts and barriers around your online presence, you take all of your online activity and you put it in a box, a virtual machine. If something goes wrong you can just shut the virtual machine down and nothing happens to your physical computer."
And so far Invincea has been very successful. The funding came on the heels of announcing a 200 percent year-over-year growth for the company with deployments in nearly 10,000 organizations around the world. Also, in addition to the capital raise, Invincea announced Tuesday that it had acquired Sandboxie in a transaction earlier this year. Sandboxie, before the acquisition, was a major competitor in the world of virtualized containment. With the acquisition, Invincea has been able to move towards serving a bigger population of small businesses.
"We're proud to be backed by our new investors Aeris and Dell, and for the continued support from our existing investors," Ghosh said. "We are fortunate to be in a situation where our revenues and deployments are on an exponential growth plane -- giving us the ability to take strategic funding to support certain initiatives, such as our expansion in Europe."
Though this is Invincea's first funding from Dell, the two have been working together since June when Dell began shipping commercial hardware units with Invincea's software pre-loaded into it. This deal also comes on the heels of a Dec. 12 announcement from Dell Ventures expressing plans to expand its commitment to innovation and entrepreneurship with a $300 million Strategic Innovation Venture Fund.