Network security provider Lancope recently closed a $12.5 million Series C round of financing led by Canaan Partners.
“Lancope is poised to transform the network security marketplace,” said Eric Young, general partner with Canaan Partners and member of Lancope’s board of directors. “Given its experienced leadership, proven technology and large base of established customers, Lancope is well positioned to dominate the rapidly emerging Network Integrity market.”
The round also included participation from existing investors Council Ventures, GMG
Capital Partners and H.I.G. Ventures. It brings the total amount of equity investment in Lancope to over $24 million.
The company says it will use its latest cash infusion to accelerate product development initiatives, expand sales coverage and support marketing programs.
“Throughout this round, we were overwhelmed with the positive and enthusiastic interest from the venture community, particularly in what has been a tight IT spending and investment environment” said Harland LaVigne, president and CEO of Lancope. “This investment from Canaan Partners, a top-tier venture firm with a successful track record, is a tremendous validation of Lancope’s progress and potential. It enables us to aggressively pursue market penetration and continue to deliver innovative network security solutions.”