22 March 2005
Encentuate Raises $16 Million to Extend Position as
Leading Enterprise Access Security Solution Provider
Round led by August Capital, along with VSP Capital and original investor Gabriel Venture Partners
Company to use funds to accelerate sales and marketing initiatives
Encentuate, Inc., the leading provider of Enterprise Access Security solutions today announced it has closed $16 million in investment for the company. The Series B funding was led by August Capital. Joining the round are also VSP Capital and existing investors Gabriel Venture Partners and Encentuate’s founder, chairman and CEO, Peng T. Ong. The new financing will be used to accelerate Encentuate’s position in the Enterprise Access Security market, where its innovative product, Encentuate TCI, addresses the pressing need that organisations have to simplify, strengthen and track access to their digital assets and physical infrastructure.
"Encentuate has the makings of a great company. It has a proven and visionary entrepreneur and an innovative technology solution that addresses a large customer pain point," said Vivek Mehra, General Partner of August Capital. "Peng’s track record speaks for itself and Encentuate’s customer wins clearly indicate that its innovative, cost-effective, easy-to-deploy solution is addressing real enterprise security and compliance problems."
"Market leaders are those that see an opportunity and take it," said John Hamm, General Partner of VSP Capital. "Encentuate is strategically positioned to capture the momentum that is being driven by compliance regulations and the need for stronger digital identities. We look forward to sharing in its long-term success."
"Since our initial investment 17 months ago, we have seen Encentuate execute on its initial vision and prove itself with customers that are embracing their bold new solution, further driving Encentuate’s vision of enabling security through convenience for end-users," said Rick Bolander Managing General Partner and co-founder of Gabriel Venture Partners. "Encentuate is solving what has been traditionally a very complex and expensive problem. Encentuate eliminates the barriers to deploying stronger access security through its incremental, no ‘big bang" approach, which delivers great end-user value. All these factors combine to position Encentuate for tremendous growth."
Encentuate’s Enterprise Access Security solution is being rapidly deployed by organisations that face the challenge of strengthening security in order to comply with the pressure of regulations like Sarbanes-Oxley, HIPAA (Health Insurance Portability and Accountability Act of 1996), GLBA (Gramm-Leach-Bliley Act), and SB-1316. By combining sign-on/sign-off automation, authentication management, and user-centric auditing and reporting, Encentuate’s unique approach enables enterprises to increase their digital security immediately and incrementally without the need for large investments in IT infrastructure—deployments take weeks not years.
In additional news, Vivek Mehra of August Capital and John Hamm of VSP Capital join Rick Bolander of Gabriel Venture Partners and Peng T. Ong, founder, chairman and CEO of Encentuate on Encentuate’s Board of Directors.
"I am extremely pleased with the high caliber of investors that we have been able to attract to our company," said Peng T. Ong founder, chairman and CEO of Encentuate. "As investors and Board members, I am looking forward to tapping into their expertise to assist Encentuate in helping to grow our early successes into a sustainable market lead. The funds will go toward building our awareness and expanding sales of our Enterprise Access Security solution in the market. Our unique approach to security delivers great value to our customers and will provide a positive return to our investors. This investment is an outstanding endorsement of Encentuate, the product, the team and the market opportunity."
About August Capital
Founded in 1995, August Capital is a leading venture capital firm that invests in innovative companies throughout the information technology market spectrum. With more than 100 years of combined venture, industry, and operational experience, August Capital focuses on helping outstanding entrepreneurs build large sustainable companies. August Capital has in excess of one billion dollars under management, and has invested in over 60 companies including Seagate, Atheros, Shopping.com, Cobalt Networks, Silicon Image, Tickle, Iridigm, and SixApart. The firm's partners have previously invested in a number of groundbreaking technology companies, including Microsoft, Sun, Compaq, Adaptec, Intuit, Sybase, Symantec, Visio, MMC Networks, Actel and Grand Junction. August Capital is located in Menlo Park, California. For more information, please visit: www.augustcap.com .
About VSP Capital
VSP Capital (formerly known as Venture Strategy Partners), a San Francisco-based venture capital firm founded in late 1996, invests in early-stage companies helping build sustainable, high growth businesses through active partnership and positioning. Founded on the belief that the value of technological innovation is only maximized through a defined positioning in the marketplace, VSP Capital’s internal and external team of experts work alongside entrepreneurs to establish category and brand-leadership. Investments include: ZipRealty (NASDAQ:ZIPR), QuinSteet, Danger, Mirra an Oddpost (Yahoo!). Find out more at: http:///www.vspcapital.com.
About Gabriel Venture Partners
Gabriel Venture Partners® is a hands-on, early-stage venture capital firm with more than $260M under management across its offices in Silicon Valley and the Mid-Atlantic. Gabriel’s team of investors actively partner with portfolio companies and leverage their combined operating experience to provide value through customer and partner introductions, as well as assistance with go-to-market strategy and positioning. Gabriel focuses on specific sectors of information technology, including Wireless, Disruptive Technology Components, Infrastructure Software & Systems, and Enterprise Software & Services. Representative investments include Placeware (acquired by Microsoft), IPWireless, Iridigm (acquired by Qualcomm) and Netscaler. For more information, please visit: www.GabrielVP.com.
Encentuate (www.encentuate.com) provides Enterprise Access Security solutions that help enterprises simplify, strengthen and track access to their digital assets and physical infrastructure. Encentuate was founded by Peng T. Ong, who previously founded Interwoven, Inc. (NASDAQ: IWOV) and co-founded Match.com. Headquartered in Silicon Valley, California, Encentuate has offices across North America, in the United Kingdom and Singapore. Its customers span a range of industries, including healthcare, biotechnology, government and financial services. In 2005, Encentuate has been recognised by SC Magazine as a finalist for "best access control" product and "best identity management solution."
For more information, please contact:
Lindsay Spencer / Kate Alexander
Spreckley Partners Ltd
Tel: +44 (0)20 7388 9988 / +44 (0)7788 584413
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