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FireMon Grows - Banks $40M From Silicon Valley Bank

September 01, 2020

FireMon has secured a debt financing of $40 million from Silicon Valley Bank (SVB), the bank of the world’s most innovative companies and their investors.

Building on an explosive Q2, which saw more than 300 percent sequential growth over Q1 and 48% year over year growth, the company will use the additional funding to accelerate sales momentum and product innovation. The company is trusted by more than 1,700 enterprises and more than 700 go-to-market partners worldwide.

As part of this latest round of financing, FireMon was deemed critical to National Security by the United States Treasury. This elite designation qualified the company for US Government loans as part of the CARES Act and points to the importance FireMon solutions play to public sector customers. Ultimately the company decided to pursue commercial financing and chose Silicon Valley Bank as its lending partner.

“FireMon is the category leader in Network Security Policy Management (NSPM). This latest injection of financing allows us to continue to innovate for a market that is truly exploding. Network security policy as we know it is changing and our unique agile approach to NSPM is what sets us apart from traditional approaches that are increasingly ineffective, especially in cloud and hybrid environments. Having the United States government deem FireMon as critical to national security further underscores the importance of network security policy and our work to innovate,” said Satin H. Mirchandani, CEO of FireMon.

“The need for effective security and risk management is registering substantial growth as attackers become more sophisticated in their abilities and the journey to the cloud is far more complex than security teams ever thought. FireMon’s unique approach to network security policy management is a strong differentiator,” said Jordy Samiljan, Director, at SVB. “We are excited to see FireMon grow and are thrilled to support the team.”

Enterprises are embarking on digital transformation projects to refresh their infrastructures, improve productivity, and drive innovation in revolutionary ways. However, security must adapt to meet the speed of business and newer, cloud-first development processes. FireMon’s unique agile approach to policy management provides customers with a more effective way to secure their networks while allowing rapid response to changes and efficiency improvements of up to 90 percent enabling secure digital transformation for cloud, hybrid, and on-premises infrastructures.

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