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Storage startup MaXXan has morphed into CipherMax and will announce $10 million in Series B funding today as it refocuses its efforts on the security market. (See MaXXan Offers Encryption and MaXXan Switches to Encryption.)
MaXXan, which started life as a switch vendor about six years ago, shifted gears to attack the security market in 2005, touting its CipherMax encryption hardware as a way for firms to lock down their data. (See MaXXan Switches to Encryption, Startups Roll Heads, Reorganize, MaXXan Grows in Europe, and MaXXan Completes Testing.)
With the profile of data security rising, CEO Ray Kao felt that a change of image was needed, hence the decision to rename the firm. "We're focusing on delivering storage security," he explains, adding that the funding will be used to grow the firm's workforce from 55 to around 100 over the next twelve months, largely in sales, marketing and R&D.
The Series B, which was co-led by U.S. Venture Partners, Venrock Associates, and Scale Venture Partners, brings the firm's total funding to around $120 million, more than $100 million of which was received during its MaXXan days.
The CipherMax CEO also told Byte & Switch that the vendor is looking to add partners. "We're in discussions with OEMs currently," he says, adding only that "the usual suspects" are involved.
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