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Netilla Gets $2M More to Close Series C at $8M
By VentureWire Staff Reporters
8/27/2003
SOMERSET, N.J. -- Netilla Networks, provider of SSL VPN appliances, said it received an additional $2 million in Series C financing to close the round at $8 million.

Masthead Venture Partners, a new investor, provided the investment. In May, the company said it had raised $6 million in the first closing of the round from previous investors Ascend Venture Group, Mid-Atlantic Venture Funds, Early Stage Enterprises, NJTC Venture Fund, and the Telecommunications Development Fund. Ascend was the overall round leader. To date, the company has raised $19 million. Co-founder, president, and CEO Reggie Best said the company should become profitable within 12 months.

The proceeds from the round will be used for working capital, new product development, hiring, and partnership development. In addition to the financing, Dan Flatley, partner at Masthead, will join the company's board. With his appointment, the seven-person board will be full.

Netilla has more than 350 customers, including
Commonwealth Health, Saint Barnabas Health Care Center, the Canadian Institutes of Health Research, The United Way of Delaware, Herr Foods, and the Philadelphia Stock Exchange. Mr. Best said on average the company signs between 50 and 75 customers per quarter. He said between 55% and 60% of the company's revenues comes from North America-based businesses.

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 also works with laptops and PCs that are on Wi-Fi networks.

In 2001, Netilla raised $4 million in its Series B round of funding.

http://www.netilla.com