US data security firm Verdasys lands $12M in venture round as new CEO is named

March 20
8:53 AM 2014

Data security firm Verdasys has raised $12 million in a venture funding led by GE Pension Trust. In addition, Chief Executive Officer (CEO) Jim Ricotta is being replaced by former McAfee exec Kenneth Levine, according to GigaOM.

Brookline Venture Partners also participated in the investment. The latest funding brings Verdasys' total raised capital to $65 million. The Waltham-based firm will use the newly raised money to expand its market reach and product scope, the report detailed.

CRN cited Levine saying: "Our goal would be to find the right amount of channel partners in the right space so that we can support each other in growing the business, satisfying the customer and making money. It is hard for us as a smaller company to expect to be their No. 1 vendor in their portfolio of products, but that is our goal."

Founded in 2003, Verdasys' flagship product is Digital Guardian. This platform prevents data loss. It also provides protection against inside threats and external attacks, CRN reported.

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