Skybox Security recently completed its $10 million third financing round from existing investors, at a company value of $40 million, after money, significantly higher than for the previous round. The investors are Lightspeed Venture Partners, Benchmark Capital, Carmel Ventures, and Mofet Technology Fund Management (TASE:MOFT).
Skybox has developed software for detecting failures in enterprise networks. The software analyzes weak points in enterprise networks, determining potential risks and failures. The product is designed to replace the services of consultancy firms, which provide this information through testing.
Skybox Security was founded by a group of entrepreneurs, including president and CEO Gidi Cohen, a co-founder and CEO of Vigil Technologies; CTO and VP R&D Moshe Meiseles, a former SVP development at Memco Software; and Eran Reshef, a co-founder of Sanctum.
Skybox will use most of the proceeds from the current round to expand its R&D set-up and strengthen its sales and marketing network. The company wants to massively expand its sales and win a larger market share.
Skybox launched sales earlier this year. Its customers include government agencies and financial institutions. Revenues are still in the initial stage, amounting to a few million dollars a year.
Meiseles said, "Things are looking good after our first year of sales. Our expectations for next year are sky-high. A year from now, we want to be a company with more customers and revenue. We want to be known as leader in automated risk management."
Published by Globes [online], Israel business news - www.globes.co.il - on December 29, 2004