V.i. Labs Secures $8 Million in Funding to Extend Product Leadership in Growing Software Protection Market
Investment Will Enable Acceleration of CodeArmor Platform Development, Expanded Sales and Marketing Efforts
Waltham, MA — November 6, 2007 - V.i. Laboratories, Inc. (“V.i. Labs”), a provider of software protection solutions for securing high-value and mission-critical applications, announced today it has closed $8 million in Series B funding.
The new financing was led by Ascent Venture Partners of Boston and Core Capital Partners of Washington, D.C. Both organizations focus on financing and supporting emerging market leaders. This latest round also includes additional financing from existing V.i. Labs investor Rockford Capital.
“We secured this funding based on our ability to differentiate our product from complex alternatives, while capturing a large share of the emerging software protection market,” said Joe Noonan, CEO and President of V.i. Labs. “Our existing customers and pipeline reinforce our ability to lead in this space. With this financial backing from Ascent, Core Capital and Rockford, we will be able to expand our engineering team and elevate sales and marketing efforts.”
“We are seeing companies across the globe become more concerned with security as it relates to their systems development lifecycle. Organizations need to be able to deploy software that does not contain critical vulnerabilities and to protect against code theft – the intellectual property resident within the software,” said Diana Kelley, Vice President and Service Director at the Burton Group, a leading market analyst firm in the computer security market. “As a result, solutions that can help organizations protect applications and other IP are in increasing demand.”
The new investment into V.i. Labs underscores the large opportunity in the software protection market which is being driven by:
Rampant software piracy and theft of code in emerging markets
Global outsourcing of software development
Foreign sponsored cyber warfare
Increasing sophistication of hacker threats to enterprise applications
V.i. Labs is the first company to offer a commercial product that can simplify and automate the process of embedding comprehensive protection capabilities within a wide variety of native Microsoft Windows™ and Microsoft .NET applications. Markets ideally suited for application protection provided by V.i. Labs’ CodeArmor include independent software vendors, embedded systems and application providers, Internet gaming, government, and any corporation that wishes to protect its intellectual property from the threats of piracy.
About Ascent Venture Partners
Ascent has been investing in early-stage, emerging technology companies since 1985. In backing over 90 companies, Ascent has remained committed to its mission of investing in exceptional entrepreneurs striving to build innovative market leaders. Ascent is an active and supportive investor, taking pride in the number of entrepreneurs who choose to work with Ascent on multiple opportunities. With over 80 years of combined venture capital experience, the Ascent investment team manages $380M in committed capital, including its current fund of $140M. Additional information is available at www.ascentvp.com.
About Core Capital
In business since 1999, Core Capital (www.core-capital.com)is a Washington, DC-based venture fund with over $350 million under management. The firm invests in a wide range of technologies with a particular focus on telecommunications hardware and software, wireless applications, enterprise software, network security, e-commerce, logistics and tracking, energy and power management in addition to web and communications services. Sample portfolio companies include Sourcefire, NexTone Communications, InPhonic, buySAFE, Roundbox, Trust Digital, Infinite Power Solutions, SwapDrive and IXI. To learn more, please email us at firstname.lastname@example.org. for more information.
About Rockford Capital
Founded in 2006, Rockford Capital is a private equity group based in Wilmington, Delaware formed to invest in and bring to market innovative Internet technologies. Rockford Capital was founded by industry luminaries’ intent on expanding investments in the Internet technology arena. V.i. Laboratories was its first software security investment. For more information visit Rockford Capital’s website www.rockford-capital.com.
About V.i. Laboratories (V.i. Labs)
V.i. Labs provides software protection solutions that protect against the misappropriation and theft of intellectual property resident in software applications. Through V.i. Labs’ patent-pending technology, software vendors, embedded system providers, enterprise organizations and government agencies are able to easily secure their software against the threat of piracy, tampering and theft, independent of where the applications are distributed. V.i. Labs is privately held and is headquartered in Waltham, MA. For more information please visit www.vilabs.com.
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