Bandura Systems, a cyber startup that helps combat cyber threats in enterprise and government networks by delivering innovative network security solutions, has secured $4m in Series A Funding. The round was led by Grotech Ventures, Gula Tech Adventures, Maryland Venture Fund, and Cultivation Capital.
The latest funding round comes in less than half a year after Bandura raised a $3.5 million in the seed round.
The newly raised funding will strengthen Bandura’s position as a leader in the emerging Threat Intelligence Gateway (TIG) marketplace. The company plans to use the funds to accelerate growth, marketing, and sales efforts.
Started by Chris Fedde, the former president and CEO of SafeNet Inc, Bandura provides TIG™, which is purpose-built to filter network traffic against large volumes of threat intelligence indicators, protecting networks from the massive volume of known threats.
With over 50 issued and pending patents, the company offers a TIG platform that can process over 100 million unique threat intelligence indicators (IP addresses and domains) at line speed ahead of a user’s firewall.
Able to filter both inbound and outbound traffic, Bandura enables organizations to protect their networks from threats including network probes and scans, malware, command and control, botnets, ransomware, and other threats, mitigating the risk of breaches and sensitive data exfiltration.
“Firewalls are getting crushed by the sheer volume of threats that hit organizations industry-wide every day,” said Chris Fedde, CEO of Bandura. “And, while external threat intelligence is available, most companies lack the staff and resources to effectively and efficiently operationalize it. The Bandura TIG complements the firewall, enabling companies of all sizes to use threat intelligence without limits in an easy and automated way.”
The company’s products can also improve the performance of existing security measures, like firewalls, to help make threat detection and correction more effective.
“We partner with innovative cybersecurity technology companies who are bringing fresh ideas and unconventional approaches to tackle the large and growing cybersecurity challenge,” said Steve Fredrick, General Partner at Grotech Ventures. “Bandura offers such innovation by empowering organizations with the most comprehensive and advanced IP threat protection available.”
At present, Bandura serves about 100 customers, mostly small and mid-size businesses. The company will be focused on “aggressive growth” of its customer base in the coming year.
Bandura Systems employs 25 people, half of them are in Lake St. Louis. The rest are in Columbia, Md. The company further plans to add more product development staff later this year.