Hewlett Packard Ventures, the new investment arm of HP, announced its first investment in an Israeli startup on Tuesday — in cloud security firm Adallom. The money from HP brings the take from Adallom’s last funding round to $30 million. Other investors in the latest round include Rembrandt Venture Partners and the data storage firm EMC as well as prior funders Sequoia Capital and Index Ventures. Rembrandt general partner Gerald Casilli will be joining Adallom’s board.
Since its founding in 2012, Adallom has raised $49.5 million. Based on the latest funding round, the company is estimated to be worth over $100 million. The latest round comes a year after a funding effort led by Index Ventures that raised $15 million. Adallom currently has a workforce of about 90 people, 50 of whom work at the company’s Israeli development center.
In a statement, Adallom said the latest funds will be used to expand the company’s sales and marketing effort, to build a global network, expand the capacities of Adallom Labs and for research and development. With the new capital, the company is expected to double the size of its development center in Israel within a year, open a European sales office and expand its sales force in the United States, which is Adallom’s primary market.
“At Hewlett Packard Ventures, one of our focus areas is start-ups whose security solutions allow enterprises to protect their sensitive information wherever it lives, including cloud environments,” said Lak Ananth, managing director, Hewlett Packard Ventures. “This investment will help Adallom accelerate innovation and bring their trusted cloud application security platform to a global market. We look forward to continuing our relationship with Adallom, as a customer and now as a strategic investor.”
Despite the fact that the firm was founded only in 2012, it is thought to have major promise in its sector. The company was founded by CEO Assaf Rappaport, Ami Luttwak, VP for technology, and Roy Reznik, research and development VP. The three met during their military service in Unit 8200 of the Israel Defense Forces, the signal intelligence unit that has spawned a large number of Israeli high-tech startups. Adallom has been tripling its revenues quarter after quarter.
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