FireMon Secures $40 Million Debt Financing with Silicon Valley Bank
Updated: Sep 1, 2020
FireMon, the leading network security policy management company that brings visibility, control, agility and automation to enterprise cloud and hybrid network infrastructure, today announced it has secured a debt financing of $40 million from Silicon Valley Bank (SVB), the bank of the world’s most innovative companies and their investors.
Building on an explosive Q2, which saw more than 300 percent sequential growth over Q1 and 48% year over year growth, the company will use the additional funding to accelerate sales momentum and product innovation. The company is trusted by more than 1,700 enterprises and more than 700 go-to-market partners worldwide.
As part of this latest round of financing, FireMon was deemed critical to National Security by the United States Treasury. This elite designation qualified the company for US Government loans as part of the CARES Act and points to the importance FireMon solutions play to public sector customers. Ultimately the company decided to pursue commercial financing and chose Silicon Valley Bank as its lending partner.
“FireMon is the category leader in Network Security Policy Management (NSPM). This latest injection of financing allows us to continue to innovate for a market that is truly exploding. Network security policy as we know it is changing and our unique agile approach to NSPM is what sets us apart from traditional approaches that are increasingly ineffective, especially in cloud and hybrid environments. Having the United States government deem FireMon as critical to national security further underscores the importance of network security policy and our work to innovate,” said Satin H. Mirchandani, CEO of FireMon.
“The need for effective security and risk management is registering substantial growth as attackers become more sophisticated in their abilities and the journey to the cloud is far more complex than security teams ever thought. FireMon’s unique approach to network security policy management is a strong differentiator,” said Jordy Samiljan, Director, at SVB. “We are excited to see FireMon grow and are thrilled to support the team.
Enterprises are embarking on digital transformation projects to refresh their infrastructures, improve productivity, and drive innovation in revolutionary ways. However, security must adapt to meet the speed of business and newer, cloud-first development processes. FireMon’s unique agile approach to policy management provides customers with a more effective way to secure their networks while allowing rapid response to changes and efficiency improvements of up to 90 percent enabling secure digital transformation for cloud, hybrid, and on-premises infrastructures.
FireMon is the only agile network security policy platform for firewalls and cloud security groups providing the fastest way to streamline network security policy management, which is one of the biggest impediments to IT and enterprise agility. Since creating the first-ever network security policy management solution, FireMon has delivered command and control over complex network security infrastructures for more than 1,700 customers located in nearly 70 countries around the world.
For more information, visit www.firemon.com.
About Silicon Valley Bank
For more than 35 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.