Citi Ventures, the corporate venturing division of the US-based financial services corporation Citigroup, joined the participants in cybersecurity company Silver Tail Systems’ series B round yesterday.
The amount invested by Citi was undisclosed but the funding was made as part of Silver Tail’s first tranche of series B funding, which raised about $20m from investors also including Andreessen Horowitz and fellow venture capital firms Leapfrog Ventures, Seraph Group and Startup Capital Ventures.
Silver Tail previously raised more than $2m in an April 2009 series A round funded by Leapfrog, Seraph and Startup.
Deborah Hopkins, chairman of venture capital initiatives at Citi, said: "As people manage more and more aspects of their lives on digital and mobile platforms, cyber security is only going to become more important. Citi wants to help design and encourage the digital future of money, so supporting Silver Tail’s breakthrough approach to security was an easy decision for us."
Founded in 2008, Silver Tail provides software-as-a-service to websites and online databases. At present, Silver Tail monitors more than 750 million users, and will use the investment to expand its research and development department as it grows its service further.