Funding to accelerate Covertix plan to further expand its global reach and enter the European market
Kfar Sava, Israel (January 12, 2011) – Covertix, a provider of Information Rights Management (IRM) solutions for sensitive data file-level protection and control, today announced that the company has secured strategic investment from Kima Ventures.
The funding will be used by Covertix to enter the growing European market, strengthen its product offering and boost its international sales and marketing outreach.
Kima Ventures is a French-based venture capital fund that focuses on strategic investments in early stage technology companies around the world. Kima Ventures was founded and is managed by prominent European entrepreneurs, Xavier Niel, the founder of French communications services providers Iliad and Free, and Jeremie Berrebi, who has founded numerous successful technology and internet companies.
Covertix answers the growing need for information leakage protection and sensitive data security by offering independent file-level surveillance and control. The company’s flagship product SmartCipher™ protects sensitive data wherever it goes – both inside and outside the organization even when used by 3rd parties, stolen or lost.
Covertix recently began implementing the SmartCipher data security solution at selected enterprise customers in Europe.
“It is a critical requirement for any enterprise and organization to share proprietary and confidential information, but the threats of information abuse, theft and loss often disrupt the normal course of business and expose enterprises and organizations to risk with detrimental consequences,” explained Xavier Niel, President and Co-founder at Kima Ventures. “We are very excited about our investment in Covertix as the company offers a clearly superior technological approach compared to the existing alternatives and answers a tangible threat faced by every enterprise and organization.”
“Every day there is a new information leakage scandal being publicized. Yesterday it was Wikileaks and today is Renault – it’s a threat that concerns all organizations,” said Alon Samia, CEO and Co-founder of Covertix. “Organizations should not have to worry about their confidential documents being publically disclosed and enterprises should have the business agility to securely share sensitive information internally and externally.”
“We are proud that an investor with the stature of Kima and the track record of its management chose to make a strategic investment in Covertix,” continued Samia. “Kima’s investment is a vote of confidence and provides us with an opportunity to enter new markets. Kima’s prominent position in the French and other European markets will allow us to further expand our reach and offerings.”
Covertix develops solutions to equip enterprise organizations with independent file-level surveillance and control, protecting sensitive data, inside and outside the organization. Covertix’ flagship product SmatCipher™, secures and monitors confidential and sensitive documents, by automatically tagging digital assets according to file context and content, continuously tracking and securing files, at any point or method of usage. For further information, please go to www.covertix.com.
About Kima Ventures
The Kima Ventures fund was started in 2010 by entrepreneurs for entrepreneurs with the goal of supporting and financing innovative companies with seed capital all over the world. It promotes the growth of startups by financing the early stages of development and providing access to its network of partners and relationships around the world. Kima Ventures partners with the best business angels and venture, funds, and invests primarily in projects that meet a simple need and have a simple business model.
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