January 11, 2011
Start-up Confidela Ltd., a software company based in Mountain View, California which creates a product called WatchDox, a documents tracking, control and protection product, has just announced today that it raised $9.25 million from Shlomo Kramer, the co founder of Imperva and Check Point. Also, to this round of financing joined Gemini Israel Funds and the Menlo Park based investor Shasta Ventures. Up to this moment, WatchDox has had a growing demand and in 2010 its services were being used by thousands of businesses and organizations.
This second round of financing will be used to enlarge the sales team of WatchDox due to the ever increasing number of customers and bigger transactions in many different markets, such as pharmaceuticals, biotechnology, financial services, insurance, legat and government. The founding will also be used to rebrand the company under the name WatchDox, its product. WatchDox allows its users to share documents and in the same time prevents documents leakage by means of limiting printing, copying or forwarding those documents. It even allows them to delete documents even after their download.
The WatchDox Chief Executive Officer, Moti Rafalin, said that â€œWikiLeaks, as well as numerous smaller document leakage incidents, have raised awareness for the need to better secure documents as they are shared inside and outside of the organization.â€ Ravi Mohan, the Managing Director at Shasta Ventures, also stated that â€œThe market momentum of WatchDox led Shasta Ventures, a leading SaaS venture firm behind Apption, Lithium and Zuora, to invest in this vision.â€ He also said that â€œWith the advent of mobile and cloud computing, the concept of perimeter security is no longer sufficient. We need security to be embedded in the content and access needs to be provisioned and re-provisioned easily. WatchDox has developed technology to address todayâ€™s most pressing security issue, much like the firewall addressed the most pressing security problem of the mid 90s. Not surprisingly, both inventions share a co-founder, Shlomo Kramer.â€
Mr. Shlomo Kramer stated that â€œOrganizations need to take a serious look at how their unstructured data is stored and shared. They must realize documents need to be protected throughout their lifecycle. WatchDox provides a solution to a problem that every organization is facing. The company has taken a significant step forward in providing the most advanced document security and control, while still preserving ease of use.â€ Mr. Shlomo Kramer also invested in Confidela Ltd. in 2008, along with Gemini Israel Funds, which led the funding round together with Mr. Kramer. The funding was amounted at $5.5 million in series A.