Edison Ventures today announced $5.5 million investment in a $7.0 million total financing round in Ontario, Canada based eSentire. Existing investor VentureLink joined Edison in the round. The proceeds will be used to increase sales and marketing, expand product development to address markets beyond financial services eSentire combines behavior-based technology with seasoned security professionals to provide a unique managed services offering. To date, the company has focused exclusively on serving the financial services market, specifically hedge funds. With Edisons investment, eSentire will continue to penetrate the hedge fund sector and, expand into other markets.
Lenard Marcus, Edison Principal who led the investment noted, eSentires behavioral based technology and focus on monitoring the network continuously enables the company to provide advanced cyber security. We were most impressed with the companys focus on 24/7 network monitoring and tracking employee behavior. Many companies have learned that their greatest threats come from internal, trusted staff. Companies across all industries require a solution such as eSentires given the heightened threat of cyber crime and the advances hackers have made.
eSentires CEO J.P. Haynes stated, eSentire is a rapidly growing company with a unique value proposition. We are excited to have Edison on board. In additional to the financing, their understanding of the marketplace and deep network will enable us to accelerate our go to market activities and add depth to the product and executive management team.