Economic uncertainty has most tightening purse strings, but two network vendors recently managed to squeeze some cash from venture capital investors.
eIQnetworks last week announced it had raised $10 million in the company’s first round of institutional financing. Investors such as Venrock note that eIQnetworks’ growth potential and value proposition outweigh economic concerns.
“Even in today’s current economic climate, the company is growing quickly because its products solve a significant problem for large enterprises and government agencies,” said Mike Tyrrell, a partner at Venrock who is joining eIQnetworks’ board of directors, in a statement. “We look for large and compelling market opportunities, a product vision that can meet the market’s need, and a team that can execute.”
With its SecureVue product, eIQnetworks offers enterprise security management capabilities, including log management, vulnerability analytics, configuration analytics, asset analytics, performance analytics and network behavioral anomaly detection.
Separately, governance risk and compliance software maker Lumigent also garnered venture capital financing. The company secured $6 million in funding from North Bridge Venture Partners.
“Lumigent has earned our support by delivering quick payback to customers, and it’s clear the need for their products is growing,” said Michael Skok, general partner at North Bridge Venture Partners, in a statement. “They are meeting customers’ regulatory needs by automating compliance in their packaged applications, like PeopleSoft, as well as by enabling auditing of their custom business applications.”
