Investment Allows Company to Scale in Response to Growing Customer, Market Demand
OVERLAND PARK, Kan. – June 8, 2011 – LockPath, a provider of innovative governance, risk and compliance (GRC) applications, today announced it has closed a $2 million series A financing round. The round was led by El Dorado Ventures and included participation from the Webb Investment Network (WIN), the early-stage investment vehicle of Maynard Webb, former eBay COO, and Vesbridge Partners. LockPath's seed round in April 2010 was led by WIN and included Silicon Valley investor Ron Conway's SV Angel fund, along with a select group of Silicon Valley technology executives with deep operational expertise across the enterprise, cloud and security industries.
The investment will be used to accelerate the company's position as an emerging leader in integrated security, risk and regulatory intelligence, to expand its team and to continue the delivery of new solutions to help companies of all sizes address the increasingly complex issues of regulatory compliance and risk management.
"LockPath is an exciting investment for our firm – the company understands the key pain points plaguing the growing GRC market," said Jeff Hinck, General Partner, El Dorado Ventures. "We partner with inspiring visionaries that are reshaping the technology industry so our investment in LockPath is the perfect extension of our current investments. LockPath is poised for explosive growth, and we're excited to be part of it."
"LockPath's innovative technology platform, along with the team's deep technical and operational expertise, provide the infrastructure for rapid growth," said Michael Neril, Director, Webb Investment Network. "We focus on backing exceptional teams and look forward to working with the LockPath team and leveraging WIN's Affiliate network to extend and grow their position as a game changer in the GRC industry."
"The timing of this financing reflects the tremendous market opportunity for scalable, SaaS-based GRC solutions, as well as the current wave of momentum behind LockPath," said Chris Caldwell, chief executive officer of LockPath. "As we build out our infrastructure, sign additional customers and partners, and expand our market awareness, we welcome Jeff Hinck to our board and look forward to our investment firms' involvement in helping to drive our continued growth."
El Dorado Ventures (EDV) is a leading entrepreneur-focused, early-stage venture capital firm with over two decades of success. Entrepreneurs see EDV as a trusted investment partner who shares their vision and helps them succeed by providing ongoing strategic guidance and access to a wealth of industry contacts. With $750 million in capital under management, the firm invests in disruptive technologies and business models in emerging and high-growth markets, across a broad range of sectors including software, technology-enabled services, communications and emerging technology. El Dorado's early-stage investments have included Compellent Technologies, Cyras Systems, EarthLink, Efficient Networks, Novellus and NuSpeed Internet Systems. Numerous EDV portfolio companies have gone public or been acquired by major technology companies including AT&T, Ciena, Cisco Systems, nVidia, Siemens, Texas Instruments and Yahoo. For more information, please visit www.eldorado.com.
Maynard Webb created the Webb Investment Network in 2010 to formalize the investing he's done over the past fifteen years. WIN's goal is to invest in companies that aim to change the world, particularly in the fields of mobile, internet, and cloud technologies. WIN's Affiliate Network draws not only from Maynard's experience but also from the experience of CEOs, CTOs, and founders/entrepreneurs who comprise the Network. WIN provides portfolio companies with capital and, more importantly, on demand advice. For more information, please visit www.winfunding.com.
Vesbridge Partners thrives on helping leading-edge companies bring their software and service platforms to the enterprise market. Vesbridge Partners has a long history as part of St. Paul Venture Capital (SPVC), a well-established early-stage venture capital firm with a strong track record over the past 15 years of helping finance some of the industry's most successful technology companies. For more information, please visitwww.vesbridge.com.
LockPath helps companies of all sizes address the increasingly complex issues of regulatory compliance and risk management. Its innovative software provides keen insight by correlating security information from multiple data sources with current regulations and policies to gauge risk. Easy to install and manage, the Keylight platform empowers people at every level in an organization to take control and make better business decisions. LockPath is headquartered in Kansas City, with offices in Minneapolis and Santa Clara. Please visit www.lockpath.com to learn more.