Start-up Safend Ltd. has closed a $7.4 million financing round. Elron Electronic Industries (Nasdaq: ELRN; TASE: ELRN) invested $3.7 million in Safend; the remainder was invested by existing shareholders Intel Capital and Walden Israel Venture Capital.
Safend is an Israeli company which develops comprehensive endpoint security solutions that enable organizations to adopt new technologies without sacrificing security. Safend’s solutions provide enterprises with visibility and control over the myriad of devices users connect to their desktops and laptops, including media players, Smart Phones with Bluetooth, Disk on Keys, and other portable and physical storage devices.
Elron CEO Doron Birger said, "Safend is a leading company in a new fast growing market of end point security solutions of information leakage detection and prevention. With its innovative technology, top management and highly experienced professional team, we are confident that Safend will develop into a successful, high value company".
Founded in 2003, Safend headquarters are located in Tel Aviv, and the company has additional offices in Philadelphia. Gary Drutin, the former general manager of Cisco Systems Israel and the current VP channels, operations and marketing at AudioCodes (Nasdaq: AUDC; TASE: AUDC).
Published by Globes [online], Israel business news - www.globes.co.il - on Wednesday, January 04, 2006