Application Security Inc. (AppSecInc) received another round of strategic funding led by the Paladin Capital Group, a leading homeland security venture company, AppSecInc officials reported earlier this week.
Paladin and previous investors Thomas Weisel Venture Partners, Kodiak Venture Partners and Early Stage Enterprises will invest $10 million in the database security company. The funding will help AppSecInc officials expand the company’s sales and marketing efforts in the government and private sectors.
In addition, the investment underscores the growing interest in database security as companies and federal agencies look for comprehensive solutions to protect digital assets. AppSecInc provides vulnerability management software to secure databases from insider abuse and violations of security policies as well as cyberthreats.
“Data has never been more valuable to public- and private-sector organizations,” said Kenneth Minihan, Paladin’s managing director, in a statement. “AppSecInc defined the database security market and continues to set the bar for what constitutes a complete approach to protecting digital assets."
Minihan is a former director of the National Security Agency and a retired Air Force lieutenant general.
AppSecInc officials will continue efforts to tune the company’s products to meet the requirements of defense and nondefense government agencies, said Ted Julian, vice president of strategy at AppSecInc. Agency officials must conduct security audits of their infrastructures to comply with legislation, such as the Federal Information Security Management Act of 2002. Database auditing and security are critical components of that process, Julian said.
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