Georgian Partners leads new funding round for Canada's eSentire

Tue Sep 16, 2014 12:00am EDT
 
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TORONTO, Sept 16 (Reuters) - ESentire Inc, a Canadian start-up with an online security focus, said on Tuesday it had raised C$14 million ($12.64 million) in a new round of funding led by Georgian Partners, along with a cash injection from Cisco Investments and Northleaf Venture Catalyst Fund.

Cambridge, Ontario-based eSentire, which secures, monitors and defends the networks of more than 450 financial services companies, law firms and healthcare providers, said the latest round of fundraising also included further capital outlays from existing investors such as Edison Partners and VentureLink.

Toronto-based Georgian Partners, a private equity firm that invests in enterprise software, digital media and other such companies, said it saw eSentire as a true market leader that was already displacing and outpacing its larger counterparts.

Online security in recent months has become increasingly important for large corporations. Home Depot Inc last week confirmed a breach of its payment security systems, a data theft that analysts warned could be as massive as one at Target Corp last year.

Security experts at eSentire continuously monitor the networks of its customers to detect and block cyber attacks in real time, protecting more than $2 trillion in combined assets, it said.

Based in the midst of the Canadian tri-city technology hub of Kitchener, Waterloo and Cambridge, eSentire was on Deloitte's list of tech companies to watch in 2013.

The company said it planned to immediately hire 40 people for its research facility to keep pace with the demand for its online security services.

"Cybercrime is a growing and continued threat to all facets of life around the world," said Nitin Kawale, the head of Cisco Systems Inc in Canada. "We believe eSentire will continue to meet this challenge as the company grows its global footprint."

($1 = 1.1075 Canadian dollar) (Reporting by Euan Rocha, editing by G Crosse and Lisa Von Ahn)