Innominate successfully concludes second round of financing
Berlin-based provider of embedded firewalls and VPN appliances secures EUR 4 million in venture capital
Berlin, 11 January 2005 - Innominate Security Technologies AG has successfully concluded a second round of financing, securing ¤4 million in venture capital for further expansion plans. Innominate's investors are rewarding the company's leading range of embedded firewalls and VPN appliances as well as its success in the promising M2M (machine-to-machine) market. The Berlin-based start-up has also established an international sales organization and gained a solid footing in the intensely competitive security market in just three years' time.
DVC Deutsche Venture Capital was this round's lead investor, contributing ¤3 million. Coinvestor TecVenture Partners demonstrated its continued support of Innominate by investing another ¤1 million. Innominate plans to use most of the capital from this second round of financing to expand its product range and intensify its OEM partnerships. The security provider also intends to broaden its international channel sales network.
"Innominate is extremely well positioned to become one of the leading security providers in the rapidly growing M2M market. From intelligent production systems to building security and vehicle pool management to traffic monitoring, M2M communication has enormous potential for growth. As in so many areas, security is one of the key challenges here. And with the security products that it has developed specifically for M2M communication, Innominate is well equipped to protect industrial applications," explains Bernhard Schmid, Partner at lead investor DVC Deutsche Venture Capital, about Innominate's promise for the future.
"TecVenture Partners was the lead investor when Innominate started up in December 2001. Looking back, we can say that Innominate has done incredible things since then. Its strategy of finding suitable OEM partners while building a global distribution network for the sale of its Innominate mGuard family of products has brought it great success. Today, Innominate has excellent chances of becoming one of the leading providers of embedded firewalls and VPN appliances," says Edward M. Stadum, Managing Partner of TecVenture Partners, about his company's repeat investment in Innominate.
Innominate - a brief look at the company and its products
The company: The widely praised manufacturer of security appliances does its own research and development while teaming up with partners for production. The Berlin-based company, which currently employs around 20 people, sells its security products worldwide through authorized distributors and OEM partners. Innominate is involved in technology partnerships with Intel, Kaspersky Lab, and Solsoft.
The products: Innominate's security appliance products ensure secure communications via IP-based networks, protecting them from viruses, hackers, and other Internet-based threats. A key focus is on the development of security appliances for industrial applications. The compact design of the Innominate mGuard's many versions makes it ideal for embedded security and adaptable as an OEM product for a variety of industries. Innominate mGuard has already been further engineered for automation technology, video conferencing, and point-of-sales applications. Innominate has OEM partnerships with Hirschmann Electronics, Pyramid, and Promptus.
