WatchDox Secures $12M in Funding to Provide Secure Document Sharing and Collaboration
January 29, 2013
BUSINESSWIRE – WatchDox, a provider of enterprise solutions to access, share and control sensitive documents on any device, today announced that Millennium Technology Value Partners, a pioneer of alternative liquidity solutions over the last decade and an active investor in growth equity transactions, has joined existing WatchDox investors Blackstone (NYSE: BX), Gemini Israel Funds, Shasta Ventures and security expert Shlomo Kramer (co-founder of Check Point and Imperva) in a $12 million investment in the company, bringing total company funding to $35 million to date.
As part of the financing, WatchDox closed the acquisition of InstallFree last December, a developer of application portability, virtualization and access solutions. InstallFree’s technology allows WatchDox to augment its unique file-sharing platform that builds security into the files themselves, with capabilities for creating and editing files across platforms and devices.
This round of financing will enable WatchDox to continue to expand its sales team as the company secures new customers and larger deals in the financial services, pharmaceutical, biotechnology, legal, energy, manufacturing, insurance and government markets. According to a recent Forrester Research report, tablets are predicted to become the preferred primary device by 2016, with an estimated 760 million devices purchased. Tablet and mobile device usage is also increasing within the enterprise as more and more employees opt for the convenience of accessing corporate documents via personal devices, causing a bring-your-own-device (BYOD) mentality to continue to proliferate in the workplace.
“As an investor in a number of leading mobile companies, we believe the growth of mobile computing is transformative for enterprise productivity,” said Millennium’s Dan Borok, principal. “However, with the promise of enhanced productivity comes the problem of securing critical corporate data on mobile devices and outside the walls of the enterprise. WatchDox has taken a leadership position in addressing this problem by applying data-centric security controls to the file sync and sharing interfaces allowing users to collaborate securely.”
Moti Rafalin, CEO of WatchDox said, “Millennium’s investment in WatchDox reflects its continuing interest in high-growth companies that are leaders in their respective industries. Joining WatchDox in Millennium’s portfolio of successful companies reinforces the feedback we hear from enterprises, which are realizing that the right strategy is to provide their users the file sync and sharing capabilities they want, while ensuring that IT gets the persistent control, tracking and revocation capabilities needed to stay protected and compliant.”
For the original press release, click here.
WatchDox enables organizations to access, protect and control their critical documents wherever they go: on any tablet, smartphone, or PC, even those beyond the IT department’s control. With WatchDox technology, organizations can collaborate securely with partners, safely adopt bring-your-own-device (BYOD) initiatives, and destroy their documents remotely if a device goes missing. More than 500 enterprises worldwide – including top-10 financial institutions, government agencies, and many of the Fortune 500 – depend on WatchDox secure file-sharing solutions.
Over the last decade, Millennium has been a pioneer, innovator, and leader in developing institutional-quality alternative liquidity programs for companies and shareholders in the venture capital ecosystem, partnering with the world’s leading technology companies to design investment structures that foster long-term growth. In addition to its leadership in secondary investing, Millennium actively plays the role of “Lifecycle Capital Partner” to great companies, providing a flexible mix of primary growth capital, venture debt, acquisition financing and other creative capital solutions that help to drive growth throughout a company’s entire lifecycle.
The firm has made more than 300 investments in leading technology companies that include Facebook (FB), Twitter, Zappos (AMZN), Chegg, Lookout, Tellme (MSFT), RigNet (RNET), Good Technology, BeachMint, HauteLook (JWN), Tumblr, ETF Securities, Tremor Video, LegalZoom, Wayport (T), NetSpend (NTSP), iPass (IPAS), Airvana (acquired by SAC Capital), HootSuite, ID Analytics (LOCK), ArcSight (HPQ), PlaySpan (V), Alibaba.com, Epocrates (EPOC), and many others. The firm’s portfolio companies have achieved 14 IPO and M&A events over the last three years.
Based in New York City, Millennium is led by its founding partners Sam Schwerin and Dan Burstein.