Reconnex Brings Total Funding To $14.8m with Additional $3.5m in Second Round
Levensohn Venture Partners Completes B Round; Managing Director Pascal Levensohn and Extreme Network's Mike West
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MOUNTAIN VIEW, Calif., April 26, 2005—Reconnex, a leader in safeguarding enterprises against information security breaches originating within their organizations, today announced it has raised $3.5 million in additional Series B funding, bringing the company’s total financing to $14.8 million. Levensohn Venture Partners (LVP), which recently closed its third venture capital fund, completed the second round. Norwest Ventures Partners and Outlook Ventures funded the initial $11.3 million. Reconnex also announced that Pascal Levensohn, Founder and Managing Director at LVP, and Mike West, Chairman of the Board at Extreme Networks, were appointed to the board of directors.
With the most comprehensive electronic risk management platform on the market, Reconnex has made significant traction with Fortune 1000 customers, allowing them to monitor all data flowing across a company’s network to ensure compliance to growing regulations, better corporate governance standards, security of critical infrastructure, and protection of confidential and competitive information. The additional funding will help Reconnex continue to expand its sales, support, and product marketing efforts.
"The Reconnex solution is unique because it achieves enterprise-wide compliance objectives while improving a company's security infrastructure," said Pascal Levensohn, Founder and Managing Director of Levensohn Venture Partners. "Reconnex continues to solidify its market leadership and define benchmarks for success in this explosive segment of the data security market."
High-profile leaks of confidential information, identity theft, and loss of intellectual property have become increasingly prevalent. These events put hundreds of thousands of customers’ private information at risk, compromise the integrity of intellectual property, put companies at risk of legal ramifications due to non-compliance, and can disrupt – or even destroy – a business. Reconnex’s inSight platform provides real-time comprehensive visibility into the information leaving a corporate network to identify and prevent disclosures that can cause devastating financial losses and irreparable competitive damage.
" Reconnex is in the right space at the right time and has a tremendous opportunity to set the security standard," said Mike West, chairman of the board at Extreme Networks. " The board and executive team is made up of proven winners and I am looking forward to learning from them and to contributing to the short and long term success of the company."
"As more instances of confidential data leaks are brought into the limelight, the need for a comprehensive electronic risk management solution has become very apparent," said Donald J. Massaro, CEO of Reconnex. "Reconnex provides the only solution that can monitor, analyze, detect, and report on all electronic risks that are taking place over the network. With this comprehensive approach, Reconnex enables Fortune 1000 companies to prevent the disclosure of confidential and private information before it can disrupt or destroy a business."
West is currently chairman of the board of Extreme Networks and brings over 30 years experience in growing some of Silicon Valley's most successful high-tech companies. West was President, Chief Operating Officer and a director of Octel Communications from January 1995 to August 1997, after having served as executive vice president since 1986. He also held a number of executive positions at Rolm Corp. from 1979 to September 1986. In addition to Levensohn and West, the Reconnex board also includes Matt Howard of Norwest Venture Partners, Randy Haykin of Outlook Ventures, and Ed Kozel, the former CTO of Cisco Systems.
About Levensohn Venture Partners
Levensohn Venture Partners (LVP) is an early stage venture capital investor. LVP focuses on building companies as they transition from research and development through initial revenues to a more complete commercial entity. The company invests in emerging leaders in the enterprise software, communications and semiconductor sectors. Founded in 1996, LVP is based in San Francisco with $164 million in two venture funds. LVP has invested in companies including Atheros, BigFix, CommerceOne, Informative, KnowNow, Interwoven, Radiance Techologies, Rapt, Reconnex, Ubicom, Velosel, and Veraz Networks. For more information visit our website at www.levp.com
About Reconnex
Reconnex enables companies to guard against information security breaches that originate within an organization. Reconnex pioneered the only enterprise security platform of its kind that has the capacity to run at gigabit speeds, is non-invasive and can be deployed in hours not weeks; businesses now have a realistic and cost-effective solution to assess their operational and compliance risks. With Reconnex, companies across various industries and government agencies now have the demonstrable proof they are in continuous compliance with real-time monitoring, detection and reporting of compliance risks. For more information, visit us on the web at www.reconnex.net or call 1-866-940-4590.
