MISSION STATEMENT: Covelight will become the leading provider of application usage auditing solutions designed to protect the integrity, privacy and confidentiality of sensitive enterprise data.

TYPE OF COMPANY: Information Security Products (Software shipped on COTS hardware)

ADDRESS: 6501 Weston Parkway, Suite 355, Cary, NC 27513

PHONE NUMBER: 919-677-9680

WEB SITE: www.covelight.com

MANAGEMENT TEAM MEMBERS (include a brief background about each executive, with their title):
Spencer Snedecor, CEO, Most recently Snedecor was a co-founder and Vice President for PGP Corporation where he served in the following executive management roles: VP North American Sales, VP Channel Sales and VP Federal Operations. Prior to that, he was managing partner for Heidrick & Struggles International Technology Practice in their RTP office.

Previous IT executive leadership positions and security market experience includes: Vice President of Security Sales for Network Associates (NET, now McAfee). While at NET, Snedecor was the lead sales executive on the team that acquired and merged 3 different security companies to form the PGP Security Group. He also served as Area Vice President of Sales for Southeast US.

Prior to NET, he was Vice President of Sales for PGP, Inc and helped position the company for acquisition by Network Associates in 1997. Prior to PGP, Inc., Snedecor managed Channel Sales for Symantec, North America, positioning Symantec as the #2 Channel Sales software vendor behind Microsoft. The first 10 years of Snedecor’s career were spent at Xerox Corporation where he held positions in sales, sales training and sales management. Snedecor holds a B.S. in Business Administration from the University of Maryland. He has over 24 years of senior management experience in Sales and Marketing.

Ken Gramley, Vice President of Engineering and Operations; Co-Founder, Prior to founding Covelight, Gramley was most recently co-founder and vice president of engineering at Hatteras Networks. Hatteras Networks’ industry leading Mecca platform enables service providers to offer metro-based Ethernet services over the existing last-mile copper infrastructure. Gramley was also co-founder and vice-president of engineering for Queste, Inc., a very early provider of VOIP gateway products. He was instrumental in leading the development of one of the first VOIP gateway products to come to market.

Prior to that, he held management and engineering positions at Wandel & Goltermann (now Acterna), TTC (now Acterna), and Tellabs. While at W&G Gramley was an engineering director responsible for all ATM and Fast Ethernet development on the award winning DA-30 product line. While at TTC he was responsible for the development of a number of Fireberd, T-Berd, and Interceptor products which are still in use today in virtually every central office in the country.

Gramley holds a B.S. in Electrical Engineering from Rose-Hulman Institute of Technology and has over 22 years of engineering and management experience. He also has 8 patents either approved or pending approval.

Jim Ford, CFO, Vice President of Finance and Administration, Preceding Covelight Systems, Ford was senior vice president for finance and administration at PowerbyHand, Inc. (now Motricity), where he managed all of finance, human resources and administration. Prior to that Ford was vice president of finance, human resources and operations for Pinpoint Networks, Inc. During his tenure he was the lead financial executive that oversaw the merger of Pinpoint Networks with PowerbyHand, later renamed Motricity, Inc.

Previous financial and operational management experience also includes being a private consultant to emerging technology and biotech companies, helping them move through the various stages of their life cycle. Before private consultancy, Ford was vice president of finance and operations for OpenSite technologies, joining in the startup phase and overseeing all operational aspects of the company including IPO and M&A strategies. The company was sold to Siebel Systems for $550 million, two weeks prior to an IPO offering in May 2000.

Prior to OpenSite, he served as the Finance Controller for Research and Development at Ericsson Mobile Phones and Terminals where he managed finance and administration for all R&D of mobile phones and terminals for the U.S. market. Prior to Ericsson, Ford was the CFO for Ventana Communications, Inc., a software development and computer book publishing company. Ventana was the first retail distributor of the Netscape Communications browser software, and exclusive publisher of the both the Nestscape and America On Line browser and development series. Ventana was subsequently sold to The Thomson Corporation. Ford received his Bachelors degree in accounting and finance from Gardner-Webb University and holds a Masters degree in Management from Florida State University.

BOARD MEMBERS:
Spencer Snedecor
CEO, Covelight Systems

Rich Brown
General Partner, The Aurora Funds

Kip Frey
Technology Venture Partner, Intersouth Partners

Michael Faber
Managing Partner, Nextpoint Partners

Mark Hoover
President, Acuitive Inc.

INVESTORS (and amounts raised, if possible):

    $5.5 M to date

  • Aurora Funds
  • Intersouth Partners
  • NextPoint Partners

REVENUES: In the early stages of the revenue curve, with customer wins in higher education and regional banking. Revenue figures not disclosed.

YEAR ESTABLISHED: Initially funded in 2003

NUMBER OF EMPLOYEES: 17