US-based cloud cybersecurity software developer Zenedge closed a $6.2m series C round yesterday backed by telecommunications company Telus and cloud software provider Zoho Corporation.
Growth equity firm Pilot Growth Equity invested $5m to lead the round, while private investor Yehuda Neuberger also participated. Canada-headquartered Telus took part through its corporate venturing unit, Telus Ventures.
Zenedge produces cloud-based software that uses artificial intelligence to protect web applications and networks in a variety of industries. It will invest the series C funding in sales and marketing as it looks to expand internationally.
Sridhar Vembu, chief executive of Zoho, said: “Frequency, sophistication and complexity of cyberattacks are increasing every day. We see this first-hand as a global [software-as-a-service] provider.
“As a Zenedge customer, we are very impressed with both the sophistication of the platform as well as the know-how of the Zenedge technical team, and excited about the opportunity to invest in the company and participate in its growth and success.”
Rich Osborn, managing partner of Telus Ventures, added: “Cybersecurity is a critical area of our business, and Zenedge reinforces our ability to safely protect business customers against Internet-based threats.
“Through our investment, we are now offering Zenedge’s cloud-based technology to our customers, while helping the company expand its Canadian and international presence.”
Neuberger and fellow angel investors Fred Sorkin and Andrew Malik contributed to Zenedge’s $3.5m series A round in late 2014 before Telus led its $4m series B round in November 2015.