BitArmor Completes Series B Financing

BitArmor, in data protection software that helps corporate executives secure sensitive data wherever it goes, announced the completion of its Series B financing round. The round is funded by current investors, including Draper Triangle Ventures, as well as new investors.

BitArmor will use this investment to take technology to market for virtualization security and enhanced integration with Data Leakage Prevention solutions. It will also add resources to bolster its sales organization to support increasing market demand for BitArmor’s DataControl software and Smart Tag technology. DataControl uniquely delivers information-centric protection, which specifically protects data instead of the devices or networks that process it. It provides broader protection than traditional ‘point’ solutions, which usually focus on a single type of device or network, while reducing the number of solutions an organization needs for data protection.

“Data security continues to rank as a top priority for CIOs across the board,” said Craig Gomulka, a partner with Draper Triangle Ventures. “BitArmor’s information-centric approach to data protection turns the current concept of security on its head. With the multiplicative effects of highly distributed data and new infrastructure architectures like virtualization, it is the only rational data security strategy to accept going forward.”

Throughout 2009, BitArmor will continue development
and delivery strategies
for the following new technology solutions:

• Data Leakage Prevention – BitArmor’s data protection software and Smart Tag technology enhance DLP solutions with granular data protection. After a DLP solution identifies critical information and classifies it as sensitive, BitArmor automatically applies the appropriate protection to individual files without user intervention. The combination allows DLP scans to remain focused on critical or unprotected data rather than continuously re-scanning inapplicable documents, which can cause significant network overhead. BitArmor is partnering with leading DLP vendors to fully integrate the technology. The integration will allow customers to encrypt critical information with a single piece of software, rather than deploying multiple products for individual networks and network ports.
• Virtualization Security – BitArmor’s information-centric data protection has the unique ability to persistently protect data in virtualized computing environments. Because BitArmor’s protection remains with data at all times, that data can be stored securely on virtual machines or network file shares. BitArmor allows data to move back and forth between virtual and physical computing environments while retaining its inherent protection. The technology allows companies to realize the operational benefits of virtualization without the cost of duplicating security from physical environments in new virtualized ones.

“BitArmor’s truly information-centric approach is the superior solution for persistent data protection. The enabling technology is completely unique to the industry,” said Patrick McGregor Ph.D., CEO of BitArmor. “This funding round opens the door to an exciting phase in the growth of our company. We are eager to explore new strategic opportunities. Also, we are positioned to deliver new software that addresses a wider range of our customers’ critical data security needs.”

BitArmor announced the BitArmor No-Breach Guarantee program in January of this year, which is the industry’s first and only guarantee against data breaches. The program offers a refund to any customer who experiences a data breach while their data is protected by BitArmor’s software.
About BitArmor

BitArmor offers breakthrough data protection software that protects data wherever it goes. Because it combines persistent file encryption with full disk encryption, BitArmor gives customers a single integrated solution for protecting data at all of its most vulnerable points, like on laptops, on USB drives, in e-mail attachments. BitArmor software helps customers precisely control access to sensitive data so they can achieve regulatory compliance, reduce the liability of publicly disclosing data breaches, and protect valuable intellectual property that is shared inside and outside of their enterprise. Leaders in the Healthcare, Retail, Education, and Legal industries — among others — have chosen BitArmor’s easy-to-manage, cost-effective data protection.