AAA GE Pension Trust helps Verdasys unlock funding

GE Pension Trust helps Verdasys unlock funding

Data security company Verdasys has raised an additional $12m in investment in a round led by GE Pension Trust.

US-based Verdasys is the creator of Digital Guardian, a product it claims is the only data loss protection solution that also protects sensitive data from both insider threat and malicious outsiders.

The funding round was led by GE Pension Trust, the pension fund manager for General Electric staff, and saw new investment from venture capital firm Brookline Venture Partners. GE Pension Trust previously invested $15m in a $28.9m round raised by Verdasys in 2011, and Verdasys has now raised $65.3m since it was founded in 2003.

Ken Levine, formerly senior vice-president and general manager of security management at McAfee and now a partner at Brookline, will join Verdasys as president and chief executive officer.

“Security has evolved from a discretionary insurance policy or a necessity mostly suited to companies with crown-jewel assets to protect to perhaps the most critical area of IT,” said Levine. “Verdasys is uniquely capable of controlling literally any action on an endpoint and has been extraordinarily successful in preventing malicious data theft by both skilled insiders and advanced malware.

“Verdasys Digital Guardian is the technology behind the prevention of many of the types of security breaches we see having a devastating effect on organisations and their brands, business, government and customer relationships. I very much look forward to helping further build Verdasys’ market presence during this exciting time in our industry.”

The new investment will allow the company to fund expansion into new markets and build new partnerships.

Since 2003, almost two million Digital Guardian agents have been deployed to protect critical data for government agencies and global leaders in financial services, insurance, technology, manufacturing and healthcare.

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