File sharing security co Watchdox raises $12m

This round of financing will enable the company to expand its sales team, secure new customers and larger deals.

Watchdox Inc., which provides enterprise solutions to access, share and control sensitive documents on any device, announced that it has raised $12 million. The financing was raised from Millennium Technology Value Partners, and previous investors Blackstone Inc. (NYSE: BX), Gemini Israel Funds, Shasta Ventures and its chairman Shlomo Kramer (co-founder of Check Point Software Technologies Ltd. (Nasdaq: CHKP) and Imperva Inc. (NYSE: ). This latest round of financing brings the total invested in the company to date to $35 million.

Watchdox said that as part of the financing, it closed the acquisition of InstallFree last December. InstallFree develops application portability, virtualization and access solutions. InstallFree’s technology allows WatchDox to augment its file-sharing platform that builds security into the files themselves, with capabilities for creating and editing files across platforms and devices.

Watchdox said that this round of financing will enable the company to continue to expand its sales team, secure new customers and larger deals in the financial services, pharmaceutical, biotechnology, legal, energy, manufacturing, insurance and government markets.

Millennium principal Dan Borok said, “As an investor in a number of leading mobile companies, we believe the growth of mobile computing is transformative for enterprise productivity. However, with the promise of enhanced productivity comes the problem of securing critical corporate data on mobile devices and outside the walls of the enterprise. WatchDox has taken a leadership position in addressing this problem by applying data-centric security controls to the file sync and sharing interfaces allowing users to collaborate securely.”

WatchDox is based in Silicon Valley and Petah Tikva. CEO Moti Rafalin and VP products Noam Livnat co-founded the company.

Rafalin said, “Millennium’s investment in WatchDox reflects its continuing interest in high-growth companies that are leaders in their respective industries. Joining WatchDox in Millennium’s portfolio of successful companies reinforces the feedback we hear from enterprises, which are realizing that the right strategy is to provide their users the file sync and sharing capabilities they want, while ensuring that IT gets the persistent control, tracking and revocation capabilities needed to stay protected and compliant.”

Published by Globes [online], Israel business news - www.globes-online.com - on January 30, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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