VCs Notice Networking Security Firm
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Vernier Networks has tacked on another $2 million to its most recent financing round, another sign that security and networking plays are growing in popularity.
The latest windfall will be used to enhance Vernier's Adaptive Security Platform (ASP) -- an integrated suite of security products to defend against wireline and wireless network intrusions.
The offering is aimed at enterprise, health care, government and education customers and is already used by Boingo Wireless, Hitachi Consulting and University of California, San Diego.
The financing is timely given recent research in the field. On Monday, a new report Yankee Group predicted that enterprise spending on outsourced security security will hit $3.7 billion by 2010.
Overall, enterprise spending on security is even higher. According to the Radicati Group, the total enterprise security market is $2.9 billion worldwide this year, and will reach $6.6 billion in 2008.
The chances of being bought by a large network equipment or security software company are also looking brighter than in recent years.
The privately held Mountain View, Calif., firm has now raised $12 million in its fourth round and $35 million since its founding in 2001.
Previous backers -- Foundation Capital, DCM-Doll Capital Management, Allegis Capital, UV Partners, Masthead Ventures and Weber Capital -- added to their investments.