Monday, June 26, 2006

Cranite Systems Raises $11.5 Million for Network Security

Cranite Systems, a start-up based in Los Gatos, California, raised $11.5 million in venture funding for its network security products.

Cranite Systems has developed a product that delivers secure enterprise connectivity from hotspots, homes and other public spaces.
The technology encrypts all transmitted information -- including network addresses, applications, ports, and the data itself.

The new funding round led was by Warburg Pincus. Also participating in the round are existing institutional investors of Cranite: JK&B Capital, Diamondhead Ventures, BV Capital, Selby Ventures, Industry Ventures, and Pacifica Fund. Cranite plans to use the new funding to build out its existing product line and to expand its presence in the financial services, government and healthcare sectors.

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