Mobile cloud security firm Bitglass pockets $25M in VC funding
Bitglass, a provider of mobile cloud security for the enterprise, has secured another $25 million in venture capital funding, adding to the $10 million it has already raised, the company announced Tuesday.
New investors include an undisclosed large global bank and SingTel Innov8, the venture capital arm of Asian telecom firm SingTel. Existing investors NEA and Norwest participated in this most recent funding round.
With $35 million burning a hole in its pocket, Bitglass plans to expand sales and marketing, and further develop the technology for its Total Data Protection product.
Since emerging from stealth mode in January, Bitglass has enabled corporate IT departments to provide BYOD and cloud app security, as well as cloud access control. In particular, Bitglass provides cloud encryption, clientless BYOD security, and data tracking and visibility.
According to the Bitglass 2014 Cloud Adoption Report, security continues to be the number one concern preventing enterprises from adopting cloud and mobility.
In an infographic, Bitglass noted that 20 percent of employees who bring their personal devices to work do so even though their company has a policy prohibiting BYOD. More than three-quarters of corporate executives said that lost or stolen mobile devices are their top security concern, and 45 percent reported missing mobile devices that had access to corporate data within the past year.