US-based cybersecurity company Red Balloon Security has secured $21.9m in series A funding from investors including American Family Ventures, the corporate venturing vehicle of insurance provider American Family.
Bain Capital Ventures led the round, while Greycroft and Abstract Ventures also contributed cash. The company has now raised $23.5m in funding, according to its latest press release, but did not offer additional details about earlier deals.
Founded in 2011, Red Balloon has developed a cybersecurity platform, Symbiote Defense, that detects, mitigates and recovers embedded devices from malware and cyberattacks. The money will help the company expand business operations as it deploys its product across multiple industries.
The technology is based on research by then-PhD candidate Ang Cui at Columbia University’s Intrusion Detection Systems Lab. It has received support from the US Defense Advanced Research Projects Agency (Darpa) and the US Department of Homeland Security’s Science and Technology Directorate.
Enrique Salem, managing director at Bain Capital Ventures, said: “With the massive proliferation of connected devices, the demand for robust cybersecurity solutions is only going to increase.
“The company’s unique product offering has already demonstrated its efficacy and reliability for a variety of critical and consumer applications.
“We believe this combination of a superior product and a deeply technical team will allow Red Balloon Security to capitalise on a multi-billion-dollar market.”