SUNNYVALE, Calif. Jan. 30, 2006–Code Green Networks, a provider of enterprise content security solutions, today announced the completion of an oversubscribed Series C round of funding of $15 million, bringing the company´s total funding to date to $32 million. This latest round, led by Sierra Ventures and including investment from Bay Partners, was oversubscribed by four times the amount raised. The company´s Series B funding, which was completed in early 2005 and led by Bay Partners, also raised $15M and was more than four times oversubscribed.
In addition, Code Green Networks announced that Tim Guleri of Sierra Ventures has joined its Board of Directors. Bob Williams of Bay Partners joined the Code Green Networks board at the closing of the Series B funding.
“U.S. companies lose as much as $150 billion each year from unauthorized information leaks that occur from within their organizations,” said Sreekanth Ravi, cofounder, chairman, president and chief executive officer of Code Green Networks. “Code Green Networks will deliver the first and only real-time, comprehensive enterprise content security solution that protects enterprise content from internal threats. Our significant financial backing ensures that we will meet current market demand, as well as evolve our products to continually meet customers´ needs for enterprise content security.”
“Across all industries, organizations are increasingly recognizing that unauthorized disclosure of confidential information causes tremendous financial loss and irreparable damage to a company´s image, brand and customer loyalty,” said Tim Guleri of Sierra Ventures. “Code Green Networks will fill a huge need in the enterprise content security market, and we are pleased to support its next stage of expansion.”
“Code Green Networks is poised to lead the enterprise content security market, which IDC estimates will be a $2 billion market,” said Bob Williams of Bay Partners. “The company has phenomenal potential and we´re confident about its long-term success.”
About Bay Partners
Bay Partners LLC is an early stage venture capital firm located in Silicon Valley. The firm has been building successful technology companies since 1976, funding over 300 startups. Bay leverages the operating background of its partners and its extensive network of executives and advisors to help outstanding entrepreneurs create the leaders in new high growth market segments. Notable successes from Bay´s portfolio include Brocade, Concord Communications, Digital Island, Exodus, SonicWALL, Placeware, Informatica, Web Logic (BEA) and NetScaler. The Bay Partners family of funds reflects over $1 billion of capital. For more information, visit www.baypartners.com.
Sierra Ventures, founded in 1982, is a privately held venture capital firm focused on investments across all areas of the Information Technology sector from semiconductors to enterprise software. Sierra Ventures has managed eight venture capital partnerships and currently has more than $1 billion of capital under management. Some of the firm´s investments include Combinet (acquired by Cisco), StrataCom (acquired by Cisco), ConvergeNet (acquired by Dell), Quinta (acquired by Seagate), Intuit (INTU), OnLink (acquired by Siebel), Healtheon (merged with WebMD), AmeriGroup (AGP), Micromuse (MUSE), Active Software (acquired by WebMethods), Centex (acquired by WorldCom), and Interact Commerce (acquired by Sage). More information is available at http://www.sierraventures.com.
About Code Green Networks
Code Green Networks offers enterprise content security solutions that help organizations mitigate the risk of unauthorized disclosure of confidential content through internal information leaks. The Code Green Networks solution combines advanced network security, content management and enterprise database technology. Founded in 2004, Code Green Networks is headquartered in Sunnyvale, California. For more information about Code Green Networks, visit www.codegreennetworks.com.