The cybersecurity firm iboss has garnered a $35 million Series A investment from Goldman Sachs’ Private Capital Investing arm.
In a release from Tuesday (Nov. 3), the firm said that the Goldman funding will go toward expanding research and development efforts and also expanding international reach. Among the technology initiatives is a continued rollout of what iboss said is its next generation cloud platform.
Under the terms of the transaction, Goldman gets a minority stake in the company (undefined in the press release), while Stephen Kerns, vice president in the Goldman Sachs Private Capital Investing outfit, will join iboss’ board.
[bctt tweet="Goldman gets a minority stake in the company."]
Iboss said in the release that it has developed the only technology that detects and monitors suspicious network traffic patterns and details. It also stops malicious data transfers instantaneously, said the company. One key attribute is the ability to thwart larger scale data breaches that are spawned by malware.
In reference to the cloud platform, iboss said the Secure Web Gateway will have its standard features but without the hardware needed through servers or “time-consuming product downloads.” Due to a streamlined cost structure, the company said, the cloud solution is ideally suited to large enterprises, and indeed iboss said in the release that some of its large scale clients represent a marquee of names as diverse as Xerox, the U.S. Department of the Interior and Sears.
In other expansion activities beyond technology and around the globe, iboss, which said its top line grew by 1,800 percent through the past three years, invested $13 million in the recently opened global headquarters of the firm in San Diego. That HQ features a “state-of-the-art threat research center” to help take on new variants of malware and other cyberthreats.
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