Data strategy co GreenSQL raises additional $2.2m

Pan-European private equity fund Atlantic Capital Partners made the investment.

Sources inform ''Globes'' that data strategy company GreenSQL Ltd. has expanded its second financing round by an additional $2.2 million investment from pan-European private equity fund Atlantic Capital Partners.

GreenSQL CEO Amir Sadeh, CTO David Maman, and VP R&D Yuli Stremovsky founded the company in 2008. Sadeh was a founder of Onigma, which was acquired by McAfee Inc. (NYSE: MFE). GreenSQL has raised $8 million to date, including the current investment, from Magma Venture Partners, Rhodium Ventures, and 2 BAngels.

GreenSQL has developed a defense layer to protect online applications. The company's database security solution is designed for both the corporate and small and mid-sized business markets. The company aims to develop inexpensive and easy-to-install security products, in order to make them accessible and operable in cloud computing environments.

The need for such products is growing as enterprises use more online applications. Forrester Research estimates the current database security market at $27 billion and expects it to grow to $32 billion by 2013.

GreenSQL raised $3.8 million in May. It plans to use proceeds from the latest round to capitalize on the growth in information security market, which is undergoing commoditization, as products become cheaper and easier to use, making them accessible to small and mid-sized businesses which previously could not afford them.

Atlantic Capital Partners began operations six months, after raising $100 million. It has made 11 investments to date. One of its partners is Israeli serial entrepreneur and angel investor Moshe Bar.

Published by Globes [online], Israel business news - - on August 10, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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