Funds will Support Marketing, Sales and Expanded Product Development Initiatives
SailPoint Technologies, a provider of software for enterprise security and compliance solutions, today announced it has closed $10 million in Series B funding. Investors included Lightspeed Venture Partners, Austin Ventures, Origin Partners and Silverton Partners – all of whom also participated in the company’s Series A round. With this latest funding, SailPoint has raised more than $14 million in the last 13 months.
“SailPoint was a compelling investment opportunity for us on many fronts,” said Ravi Mhatre, general partner at Lightspeed Venture Partners. “The company has the right combination of management talent, market expertise and proven ability to execute. More importantly, SailPoint is addressing a real issue for organizations – the critical lack of control over identity compliance practices.”
SailPoint was co-founded by three Austin entrepreneurs – Mark McClain, Kevin Cunningham and Jackie Gilbert – who share a common heritage in security and enterprise management software. McClain and Cunningham were co-founders of Waveset (acquired by Sun Microsystems in 2003) where they were instrumental in pioneering many of the concepts that now shape the $2.9 billion identity management market.
The company will debut its first products in early Q1 2007.
About Lightspeed Venture Partners
Lightspeed Venture Partners combines extensive venture capital and operating experience to assist entrepreneurs in creating industry-leading technology companies. Lightspeed manages $1.3 billion of committed capital and focuses on seed and early-stage information technology investments in the U.S., Israel and Asia. The firm’s partners have invested in more than 100 technology companies over the past two decades and have contributed to the success of market leaders including Riverbed Technolgies, Virsa Systems, Waveset, Blue Nile, eHealthInsurance, Brocade, Ciena, Galileo Technology, Informatica, Kiva Software, Metasolv, Phone.com, and Quantum Effect Devices. For more information, please visit www.lightspeedvp.com.
About Austin Ventures
Austin Ventures has been working with talented entrepreneurs to build valuable companies since 1979. With $3 billion under management, AV is the most active venture capital firm in Texas, and one of the most established in the nation. With a focus on business services, information services, computer and communications hardware, and enterprise software, Austin Ventures invests at all stages of company development, from $100,000 “planned experiments” to $50+ million investments in management buyouts. Visit www.austinventures.com for more information.
SailPoint Technologies, Inc. develops identity governance software that helps organizations gain control over user access to critical systems and data, streamline costly IT compliance processes and reduce the risks of fraud, corporate data loss or theft and failed audits. Founded in December 2005, SailPoint is based in Austin, Texas.