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Netilla Raises $6 Million in Series C Financing
By Emily Westhafer of The Venture Capital Analyst
5/20/2003
SOMERSET, N.J. -- Netilla Networks, provider of secure sockets layer (SSL)-based VPN appliances that enable remote users to securely connect to their corporate networks with a Web browser, said it has raised $6 million in Series C financing.

Previous investor Ascend Venture Group led the round, which included participation from other existing investors Mid-Atlantic Venture Funds, Early Stage Enterprises, NJTC Venture Fund, and the Telecommunications Development Fund. The proceeds from the round will be used for product development, channel support operations, sales, and marketing. To date, the company has raised more than $17 million.

The Netilla Security Platform (NSP) provides secure access to a wide range of centralized application resources, including client/server applications and Web-based intranets. NSP integrates into an existing network and uses security infrastructures. Netilla works with laptops and PCs that are on Wi-Fi networks.

Netilla first released its product in June 2001 and recently announced it is shipping version 4.0. The company has signed about 300 customers, including Saint Barnabas Health Care Center, the Canadian Institutes of Health Research, The United Way of Delaware, and Herr Foods. President and CEO Reggie Best said between 60% and 70% of the company's revenues come from the healthcare, manufacturing, and financial services verticals.

The new features in version 4.0 include secure access to enterprise intranet and Web applications via an HTTP reverse proxy; and desktop client/server application access via Netilla's Virtual Adapter, which enables users to exchange data with central servers from any PC-based applications through an SSL tunnel.

In December 2001, Netilla closed its Series B round with $4 million. The company closed its $6.5-million Series A round in January 2001. Netilla has 40 employees.


http://www.netilla.com