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iPolicy Picks Up $15M Series B

Startup iPolicy Networks today clinched $15 million in Series B funding to help spread its all-in-one network security message to enterprises and service providers.

The round was led by new backer Ignite Group and included existing investors Clearstone Venture Partners, The Entrepreneurs Fund, the WK Technology Fund, and iPolicy Networks’ chairman Prabhu Goel. Another new investor, Parawin Venture Capital, also took part in the round.

The Series B brings iPolicy’s total funding to $41 million, following a $26 million Series B in 2003. Arun Chandra, iPolicy’s CEO, tells NDCF the cash will go towards sales, marketing, and the firm’s partner push. ”We will be beefing up our sales forces, beefing up our marketing activities, and looking for OEM partners,” he says.

Founded back in 2000 by Goel, a former exec at IBM Corp. (NYSE: IBM) and Wang Labs, the startup has its eye on a growing part of the security market.

iPolicy’s flagship product is its Intrusion Prevention Firewall (IPF), which combines a range of different security features. These include URF filtering, firewall, and intrusion detection and prevention. The device first came onto the market aimed at service providers back in 2002, although an enterprise version was unveiled the following year.

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