WhiteHat Security Gets $31 Million in Funding

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Web security firm WhiteHat Security recently announced that it has received $31 million in funding from JMI Equity and Investor Growth Capital. The company says the funding will be used to increase WhiteHat's focus on the SME market, to expand sales of its Sentinel Mobile and Sentinel Source offerings, and to grow internationally and with enterprise customers.

"The company provides security for websites, which is a topic that is fresh in the news after data and information belonging to the New York Times was accessed over a three-month period by what were thought to be state-backed hackers in China. ... WhiteHat specializes in protecting the online assets of enterprise customers, and it serves businesses across a range of verticals, including e-commerce, financial services, IT and healthcare," writes The Next Web's Jon Russell.

"The company boasts of more than 1 billion customer accounts and says its year-over-year growth in new bookings is up by more than 75 percent while its customer retention rate is north of 95 percent," writes The Silicon Valley Business Journal's Cromwell Schubarth.

"WhiteHat’s holistic approach to security throughout the software development lifecycle -- from source code through completed production application -- provides an advantage that few security providers can achieve," Peter Arrowsmith, General Partner at JMI Equity, said in a statement. "We believe that this approach differentiates WhiteHat as a true leader in the application security space, and we are pleased to partner with the company as it continues to meet a critical market need."