Data loss prevention security vendor Digital Guardian has raised $66 million in a Series D round of new funding, bringing total funding to date to $126 million.
The new funding comes from multiple investors, including GE Pension Trust (advised by GE Asset Management), Fairhaven Capital Partners, Loring Wolcott & Coolidge, Special Situation Funds, Brookline Venture Partners, LLR Partners and Mass Mutual Ventures LLC.
“We ended up raising more money than we had originally thought, as a result of a combination of the availability and opportunity for the extra cash,” Ken Levine, CEO of Digital Guardian, told eWEEK.
Levine has an eye on growing the company and on achieving profitability by the end of 2016. Digital Guardian will generate approximately $50 million in revenue in 2015, with a forecast to hit $75 million in revenue for 2016, he said.
Digital Guardian has been expanding its data loss prevention (DLP) technology capabilities both organically and by way of acquisition. In October, Digital Guardian acquired Code Green Networks to expand its protection capabilities.
“Part of this new round of funding will be used to help us integrate the Code Green platform into Digital Guardian,” Levine said. “Our goal is to have a single platform, with a single policy engine to be able to control and protect data, regardless of where the data lays.”
In addition, Digital Guardian will be investing in developing advanced machine learning technologies to make even better use of all the data that the platform is able to collect.
When it comes to data breaches, Levine said that in many cases it is user error that leads to unintended information disclosure. Digital Guardian’s endpoint agent technology sees the traffic that is coming in and out of an endpoint and can provide prompts to warn users about clicking on potentially malicious items, he said. The Digital Guardian platform also has automated protection capabilities to reduce the risk of unintended information disclosure.
“If we see an HR [human resources] file going outside the company, we can automatically block that from happening,” Levine said. “We’re making sure that your data isn’t going where it should not be going.”
The key challenge for Levine in the year ahead is to make sure that Digital Guardian is executing on its operational and go-to-market plans effectively. According to Levine, building innovative technology on its own is not enough to succeed in the modern IT landscape.
“We have tons of great ideas. The challenge is more about making sure we deliver technology that is consistent across all the different operating systems and making the technology easy to deploy and maintain,” he said.
Sean Michael Kerner is a senior editor at eWEEK and InternetNews.com. Follow him on Twitter @TechJournalist.