FireMon secured a debt financing of $40 million from Silicon Valley Bank (SVB). FireMon, which experienced more than 300% sequential growth in Q2/20 compared with Q1/20 and 48% growth year over year, will use the additional funding to accelerate sales momentum and product innovation.
As part of this latest round of financing, FireMon was deemed critical to national security by the United States Treasury. This designation qualified the company for U.S. government loans as part of the CARES Act. 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),” Satin H. Mirchandani, CEO of FireMon, said. “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.”
“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,” Jordy Samiljan, director at SVB, said. “We are excited to see FireMon grow and are thrilled to support the team.”
FireMon is a network security policy platform for firewalls and cloud security groups.
