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Startup Skybox to Raise $10M

Security startup Skybox Security Inc. will soon announce $10.1 million in Series C funding, bringing the companys total funding to over $20 million.

Ed Cooper, Skybox’s vice president of worldwide marketing, told NDCF that the funding will be announced sometime this month, although he was unwilling to provide specific details on the firms involved. However, he did confirm that existing Skybox backers took part in the round.

The Series C would be Skybox’s largest round to date, following the $6 million raised by the company in 2003 and $5 million in 2002. The Series B round was led by Lightspeed Venture Partners and included Benchmark Capital, Carmel Ventures, and Mofet Technology Fund.

Steve Hunt, research director at analyst firm Forrester Research Inc., is not surprised by the money rolling in to Skybox. “They have found a niche [in the security market] where there is insufficient technology and created an entirely new approach to solving the problem,” he says.

The problem in question is identifying new security threats such as worm attacks. Traditional intrusion-and-prevention systems rely on a signature to identify an attack, but many users are struggling to deal with new, unknown threats whose signature is not yet known (see Security Approaches Day Zero).

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