The year-old management team at CipherOptics has closed on more than $14 million in new funding for the encryption and security firm.

They are seeking more.

According to a filing with the Securities and Exchange Commission, the Raleigh-based venture-backed company has raised $14.27 million from undisclosed investors. The first funds were raised Nov. 5.

CipherOptics hopes to raise another $3.2 million, according to the filing.

This fall, CipherOptics rolled out a new product line of what it touted as the first variable speed encryption gear. Earlier this month the firm added a network partner in Europe.

In September 2009, investors in the company, which had raised more than $27 million in venture capital dating back to 2002, brought in a group of executives who once worked at FORE Systems.

Thomas Gill, a veteran high-tech executive with experience in private equity, joined CipherOptics in May 2009 as chief executive officer. He then hand-picked several top managers, including Gary Brunner as new chief financial officer.

Gill served as chief financial officer, chief operating officer and as CEO in leading FORE, which was based in Pittsburgh, to an acquisition for more than $600 million by General Electric Company of Great Britain in 2003.

Recognized as a “Cool Vendor” by analyst firm Gartner in its 2009 Infrastructure Protection report, CipherOptics offers encryption solutions to a variety of government agencies, Fortune 1000 companies, regional banks and investment firms. The company also sees growth opportunities in the retail sector as well as electronic medical records.

CipherOptics launched in 2000 and began selling its first products in 2002.

Get the latest news alerts: Follow LTW at Twitter.