Cyber Security Co. Receives $3.5M In Seed Funding
Cyber security software company Intensity Analytics Corporation announced Wednesday that it closed a $3.5 million round of seed funding.
The Eden Prairie-based company, which provides companies with cyber security via real-time computer-monitoring applications and anti-trespassing software, said it will use the funding to expand its technology platform to address cyber threats such as phishing and hacking.
“Demand from large organizations both in the private and public sectors has been strong as enterprises seek sophisticated solutions to security challenges that can lead to significant potential revenue loss and exposure from unauthorized users accessing content and data globally,” Intensity Analytics CEO John Rome said in a statement.
Citing data from industry research firm MarketsandMarkets, Intensity Analytics said that the cyber security industry’s spending is projected to exceed $120 billion per year by 2017. Intensity Analytics currently provides cyber protection software to Fortune 500 companies and government organizations, including the U.S. Department of Homeland Security, economic and financial analysis firm IHS Global Insight, banking organization Capital One, and the U.S. Securities and Exchange Commission, among others.
One of Intensity Analytics’ main products is a program called TickStream, which employers can install on company computers to track which computer applications their employees open and when employees worked in them.
In addition to its Eden Prairie location, Intensity Analytics also operates a federal office in Warrenton, Virginia, and a Woodland Hills, California-based office. Founded in 2009, the privately-held company employs just under 25, half of whom work in Minnesota. An Intensity Analytics spokesman told Twin Cities Business that the company plans to increase its number of employees during the remainder of 2013 and beyond as a result of the $3.5 million in funding, although he declined to specify how many jobs will be added.