Hewlett-Packard Company or HP is an American multinational information technology corporation headquartered in Palo Alto, California, United States.
Hewlett Packard Ventures, the new investment arm of HP, announced its first investment in an Israeli startup on Tuesday – in cloud security firm Adallom.
The money from HP brings the take from Adallom’s last funding round to $30 million.
Other investors in the latest round include Rembrandt Venture Partners and the data storage firm EMC as well as prior funders Sequoia Capital and Index Ventures.
One of the Many Problems Adallom Solves
“Critical applications like collaboration, storage, CRM and ERP are moving to the cloud. This means the critical mass of your corporate data will eventually migrate to the cloud. We make it easy to keep your data safe in the cloud. Our platform works with any user, on any device or location. There is no impact to user experience. And, you don’t have to be a data scientist to understand risks and threats. Quite simply, it’s proven, seamless security.”
Rembrandt general partner Gerald Casilli will be joining Adallom’s board.
Since its founding in 2012, Adallom has raised $49.5 million.
Based on the latest funding round, the company is estimated to be worth over $100 million.
The latest round comes a year after a funding effort led by Index Ventures that raised $15 million.
Adallom currently has a workforce of about 90 people, 50 of whom work at the company’s Israeli development center.
In a statement, Adallom said the latest funds will be used to expand the company’s sales and marketing effort, to build a global network, expand the capacities of Adallom Labs and for research and development.
With the new capital, the company is expected to double the size of its development center in Israel within a year, open a European sales office and expand its sales force in the United States, which is Adallom’s primary market.
“At Hewlett Packard Ventures, one of our focus areas is start-ups whose security solutions allow enterprises to protect their sensitive information wherever it lives, including cloud environments,” said Lak Ananth, managing director, Hewlett Packard Ventures.
“This investment will help Adallom accelerate innovation and bring their trusted cloud application security platform to a global market. We look forward to continuing our relationship with Adallom, as a customer and now as a strategic investor.”
The company was founded by CEO Assaf Rappaport, Ami Luttwak, VP for technology, and Roy Reznik, research and development VP. The three met during their military service in Unit 8200 of the Israel Defense Forces, the signal intelligence unit that has spawned a large number of Israeli high-tech startups.
Adallom has been tripling its revenues quarter after quarter.
(Credits to Inbal Orpaz)
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