Participated · Equity · Dec 2013

Mocana provides device security solutions for IoT and industrial control systems, including its TrustCenter™ and TrustPoint™ products that automate and simplify the IoT security lifecycle. The platform complements IT and OT security technologies and enables endpoints and gateways to defend themselves with on-device cryptographic controls designed for mission-critical systems with limited memory and processing capability. The company protects more than 100 million devices across aerospace, industrial, energy, healthcare, and communications customers, including ABB, rtGE, HP, Intel, Schneider Electric, Verizon, and Xerox. Founded in 2002 and led by CEO William Diotte, Mocana is based in Sunnyvale, California. It raised the first close of a $15m financing and has raised $105m in total funding to date. The company intends to use the new funds to accelerate development of its TrustCenter IoT device security platform. Mocana Corporation is a San Francisco-based provider of mission-critical IoT security solutions for industrial control systems and the Internet of Things. Its platform secures devices from the endpoint to the gateway to the cloud by protecting the boot process and firmware and securing data transmission between device, gateway and cloud. The company serves hundreds of industrial manufacturing and IoT customers, including GE, General Dynamics, Panasonic, Schneider Electric, Siemens and Yokogawa. Founded in 2002 and led by CEO William Diotte, Mocana focuses on ensuring that both devices and their data can be trusted. It has raised $93.6M in total funding to date and reported a new $11M funding round. The company said it will use the capital to accelerate innovation and drive growth. Mocana offers a Mobile Application Protection platform that automates end-to-end security and authenticates mobile users, apps and devices to business systems. Its platform is distributed globally by SAP and Unisys. The technology is used by more than 300 device manufacturers across markets such as medical devices, consumer electronics and industrial automation. Customers listed in the article include Panasonic, Cisco, Honeywell, GE, Siemens, Freescale, General Dynamics, Avaya and Dell, as well as five of the top seven Android handset makers. Led by CEO James Isaacs, the company plans to use new funding to expand product lines, build out its international presence and increase marketing activities. Mocana is headquartered in San Francisco, CA. Mocana builds security solutions for mobile apps and smart devices, offering features such as geofencing, time fencing and an app-wrapping technology that protects app data and manages permissions. The company targets enterprise needs to protect mobile devices and apps while addressing intersections with the emerging Internet of Things, including connected cars and manufacturer app stores. Mocana aims to become a global security franchise focused on the mobile market, which it estimates at $3–$5 billion in size. To scale, Mocana intends to build a network of third-party providers such as mobile device makers (MDM) and corporate app stores. It competes with internal development and third-party app providers such as VMware. Financially, the company has raised a total of $47 million after a $25 million Series D from Trident Capital. Mocana offers a device-resident software stack combined with context-intelligent security services delivered from the cloud to secure IP-addressable devices and the applications and services that run on them. The company positions its platform as device- and network-independent, targeting smartphones, medical devices, industrial automation, smart grid, automotive, connected home appliances and other IoT markets. Mocana says it has enjoyed impressive year-over-year growth since launching in 2004 and is a closely-held San Francisco firm. More than 150 companies have licensed Mocana’s solutions, and its customer list includes Intel, General Electric, Cisco, Honeywell, General Dynamics, Samsung, LG and Siemens. The company has won industry recognition, including Frost & Sullivan’s Technology Innovation of the Year for Device Security and placement on Red Herring’s Global 100. Mocana frames future work around accelerating new smart-device markets through partnerships and expanded platform deployments.

Participated · Series C · Jul 2012

Backupify provides cloud backup, search and restore solutions for online services such as Google Apps, Salesforce, Facebook and Twitter. Founded in 2008 and based in Cambridge, the company focuses on enterprise backup with Google Apps Backup at its core and plans to launch a Salesforce.com backup service out of beta next month. Backupify serves about 170,000 consumer users (some paying) primarily for lead generation, and has roughly 5,000 paying business customers. It hosts around 350 terabytes of compressed data, backs up over 2 billion email messages and over 500 million documents, and charges by seat from about $3/month up to more than $5,000/month for large customers. CEO Rob May says revenue is "decent" and still in the single digits of millions of dollars; the 30-person team will use the new funding to grow sales and marketing and to slowly expand engineering. The company has observed larger enterprises adopting cloud apps and expects continued demand for backup as a best practice. Backupify offers an all-in-one cloud data protection suite that archives, indexes, and restores data from popular online services including Google Apps, Gmail, Facebook, Twitter and Flickr. Its core product is a first-to-market backup solution for the full Google Apps suite, with functionality for search and rapid restore. The company plans to use new capital to accelerate development of the Google Apps backup product while expanding product functionality and launching services for other cloud management solutions and tools. Backupify positions itself as a provider of enterprise data protection best practices for IT departments moving to SaaS. The company reports more than 5,000 Google Apps domains signed up (a >4,000% increase since its Series A), over 175,000 total users, and protection of more than 200 terabytes of data. Backupify provides cloud-to-cloud backup and data-management services that copy and retain raw data from third-party cloud applications including Twitter, Facebook, Gmail, Flickr, WordPress, Blogger and YouTube. The service preserves raw data and can produce downloadable PDFs containing items such as tweets, direct messages, followers, people you follow and profile information. Backupify offers free and premium tiers and says it is gaining traction with enterprise customers seeking to preserve social and cloud-based data. The company plans to use its new funding to enhance product development and expand its focus on data management services targeting the growing volume of enterprise data in cloud applications. Backupify was founded in 2008 by Rob May and launched the service last June. Backupify provides cloud-to-cloud backup services that store raw data from web services and generates downloadable archives (for example, PDFs of Tweets, DMs, followers and profile info). The service runs on Amazon Web Services and is free for up to 1 GB of data; about 60,000 consumers have signed up through word of mouth. Today it supports popular services including Twitter, Facebook, Gmail, Google Docs, Flickr, WordPress, Blogger, and YouTube. CEO Rob May plans consumer pricing of $5/month or $50/year for up to 10 GB and intends to expand into business backups with different rates for corporations. The company also plans to add more business-oriented services such as online accounting apps and to support backups for corporate use cases like compliance. Backupify recently closed a seed financing that will support those product and go-to-market plans.

Participated · Equity · Mar 2012

LifeLock provides identity-theft protection services to consumers and partners with financial organizations and telecommunications companies to evaluate and mitigate identity risk. The company acquired ID Analytics, which develops technology to predict identity risk associated with credit applications and also offers consumer protection services. LifeLock used $100 million in new equity financing toward the acquisition and says LifeLock and ID Analytics generated combined revenue in excess of $200 million in 2011. ID Analytics will operate independently as a wholly owned subsidiary of LifeLock. Management positions the acquisition as strengthening LifeLock’s consumer identity-protection business and enabling delivery of next-generation identity risk management solutions. The company has raised a total of $178 million to date. LifeLock offers identity-theft protection services and markets a $1 million “service guarantee” to subscribers. CEO Todd Davis has promoted the guarantee by publicly advertising his social security number as a marketing tactic. The company has faced at least one high-profile incident in which Davis’s identity was stolen and used to obtain a $500 payday loan, prompting lawsuits and public debate over the guarantee. Regulatory filings and PE Data Center pegged LifeLock’s recent financing at a valuation of about $306 million. LifeLock recently raised $40M in a financing and has previously raised at least $31.5M from Kleiner Perkins, Goldman Sachs and Bessemer, taking total capital raised to more than $71M. Symantec has entered a partnership to bundle LifeLock with Norton products, offering Norton customers a free 30-day LifeLock service, 10% off membership and two free movie tickets.