Westbridge Technology closes $10M Series B financing with top tier investors
Mountain View, CA, March 12, 2003—Westbridge Technology, Inc., a leader in the XML Web Services security industry, today announced that it has secured $10 million in Series B equity financing. This second round of funding was led by Sevin Rosen Funds with additional investments from Westbridge Technology's existing backers: August Capital and Granite Ventures. Nick Sturiale, partner at Sevin Rosen Funds will be joining the Board with Dave Marquardt of August Capital and Standish O'Grady of Granite Ventures. To date, Westbridge Technology has raised $15.1 million in venture capital funding.
Founded in 2001, Westbridge Technology has developed high performance, scalable security solutions for managing mission-critical XML and Web Services networks. Westbridge provides solutions that protect company assets while saving companies significant money in development, testing and administration costs for XML Web Services. Westbridge Technology is led by an experienced management team who previously helped lead six different startups into successful public companies.
"Having evaluated many different Web Services-related companies, we see Westbridge as providing a unique solution to real customer problems," commented Nick Sturiale, partner at Sevin Rosen Funds, "As more companies bring Web Services into production the need for XML firewall solutions, like Westbridge Technology, will increase."
Dave Marquardt, founding partner at August Capital and board member of Microsoft and Seagate concurs. "As a first round investor, we saw the promise of the growing market opportunity and the strength of the team. After working with Westbridge Technology and seeing first hand their ability to execute and solve customer's problems, we are excited about the market opportunities and are pleased to participate in the B round of financing."
Standish O'Grady, senior managing director at Granite Ventures notes, "The unique product capabilities of the Westbridge solution make it a unique standout in the emerging XML Web Services security space."
"We are pleased to add Nick Sturiale to our board. As a proven entrepreneur Nick is able to recognize the critical success factors that distinguish long-term market leaders among early market participants," said Kerry Champion, president and founder of Westbridge Technology. "Westbridge continues to be very well capitalized and will continue to innovate and maintain leadership in the XML Web Services industry."
About Sevin Rosen Funds
Sevin Rosen Funds is a top-tier venture capital firm with a track record of funding successful companies since 1981. The partnership has consistently made early stage investments in pioneering technologies and companies with the potential to create new markets. The most recent fund, Sevin Rosen Fund VIII is capitalized at $600 million. Compaq, Lotus, Cypress, Citrix, CIENA and Capstone Turbine are some of the firm 's successful lPOs. Sevin Rosen Funds has offices in Dallas, Palo Alto, Austin, and San Diego. For more information go to www.srfunds.com.
About August Capital
Founded in 1995, August Capital focuses on information technology investments, including computer peripherals and systems, data communications, e-commerce, semiconductors and software. The partners of August have more than 50 years of combined venture capital experience financing technology companies with an aggregate market capitalization in excess of $540 billion. As a firm, August Capital works closely with entrepreneurs - providing financial, organizational development and strategic advice - to help build significant information technologies companies. Including the most recent August fund which was formed in Q1 2000, August Capital has raised three funds and has over $750 million of capital under management.
About Granite Ventures
Granite Ventures, LLC, formerly H&Q Venture Associates, LLC, is a leading early-stage technology venture capital firm with approximately $650 million in capital under management. Granite Ventures was formed in July 1998 as an independent venture capital firm spun out of Hambrecht & Quist, now J.P. Morgan. Granite Ventures manages general venture capital funds and corporate funds in partnerships with technology industry leaders Adobe Systems Incorporated and Texas Instruments Incorporated. Granite Ventures has invested in more than 60 companies, including such software industry leaders as Siebel Systems and Vignette Corporation.
About Westbridge Technology
Westbridge Technology develops infrastructure software that provides enterprises with comprehensive security and monitoring for XML Web Services networks. The Westbridge XML Message Server enables full visibility and control of XML networks even in decentralized, heterogeneous and cross-enterprise environments. The Westbridge XML Message Server provides XML Firewall technology that secures corporate assets while reducing development, testing and administration costs by one-third or more and enables customers to comply with various regulatory requirements. For more information, please visit http://www.westbridgetech.com.
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