Solidcore Systems brings in $10 million

Solidcore Systems this week announced it has garnered an additional $10 million in venture funding to expand its operations in Asia and to address growing customer demand for its change control product.

Solidcore, maker of S3 Control software, secured the money in a round of funding led by Jafco Ventures and supported by existing investors Matrix Partners, Menlo Ventures and Sevin Rosen Funds. This latest round of funding, which will be used in part for expanding the company's operations in Asia, brings Solidcore's total investment funding to about $40 million since the company was founded in 2002.

The vendor, which competes in the IT governance market against such companies as Active Reasoning and Tripwire, also reported a fourfold year-over-year revenue growth. Solidcore's software tracks changes enterprisewide to ensure they comply with governance, security and other policies. For instance, the software monitors changes to servers to make sure they are authorized. Investors point to Solidcore's expertise in Sarbanes-Oxley compliance audits as a drive for the funding.

"Solidcore has demonstrated success streamlining and reducing the costs of Sarbanes-Oxley compliance audits in the U.S., and we expect this success to continue with companies throughout Japan that are aggressively working towards compliance with J-SOX -- Japan's Financial Instruments and Exchange Law," said Tom Mawhinney, general partner at Jafco Ventures.