Trusted Network Technologies, Inc. (www.trustednetworktech.com), a pioneer and leader in Identity-based Access Control(TM) software, today announced that it has completed a $6 million first round of financing co-led by Boston-based Charles River Ventures and Flagship Ventures. With today’s announcement, Jim Matheson of Flagship Ventures, and Austin Westerling of Charles River Ventures, have joined TNT’s board of directors.<\/p>\n
Trusted Network Technologies stops misuse on internal networks by ensuring that only authorized users can access protected systems and applications while making those same assets essentially invisible to unauthorized users. Trusted Network Technologies’ breakthrough solution will bring together a unique, automatic and unobtrusive method of two-factor authentication with a high-performance, in-line enforcement capability that is transparent to both end users as well as existing network infrastructure.<\/p>\n
The company is headed by CEO Steve Gant, former VP of Business Development and Solutions Management for Internet Security Systems, Inc. (NASDAQ: ISSX). Gant is an expert on national security matters and has worked extensively with law enforcement and intelligence organizations such as the FBI, DEA and CIA.<\/p>\n
“Trusted Network Technologies has a breakthrough approach to solving a big customer problem,” said Flagship Ventures’ Matheson. “The bottom line is today’s companies have to find a way to control who goes where on their network — both ‘insiders’ like employees and contractors, as well as ‘outsiders’ (hackers). Trusted Network Technologies is offering these companies a truly revolutionary authentication and enforcement solution that returns control back to the company while dramatically reducing the cost and complexity of building a trusted network.”<\/p>\n
“The market opportunity for Trusted Network Technologies is enormous,” said Austin Westerling of Charles River Ventures. “The Company’s patent-pending software is the first and only solution in the market to take user authentication and access control all the way down to the ‘packet-level’ — making packets carry passports — which is where it has to go in today’s enterprise world of open networks and extreme connectivity. Our investment decision was driven by our belief that internal network misuse and attacks are fundamentally an access control problem. An intrusion is nothing more than ‘unauthorized access’ to a network.”<\/p>\n
“We’ve been deliberate in selecting our venture funding partners, looking at their track records in backing successful start-ups, their strategic industry relationships and the partner skills they can bring to bear in helping us grow,” said Stephen Gant, founder, President and CEO of Trusted Network Technologies. “We are thrilled to be partnering with Flagship and Charles River and feel that this financing validates our unique, effective and straightforward approach to securing enterprise networks. That, in turn, will help us change the way customers think about protecting their critical information assets.”<\/p>\n
About Trusted Network Technologies, Inc.<\/p>\n
Formed in 2002 as the pioneer and leader of Identity-based Access Control(TM) solutions for securing enterprise and government networks, Trusted Network Technologies, Inc. stops network misuse by controlling access to critical systems and applications — in real-time and at the packet-level — by allowing or denying individual session requests based on policy and the transparent two-factor digital identity of the requester. Unauthorized users are unable to connect a Trusted Network Technologies-protected system.<\/p>\n
Privately held with blue-chip investors that include Charles River Ventures and Flagship Ventures, Trusted Network Technologies is headquartered in Atlanta, Georgia. For more information, visit the company’s website at www.trustednetworktech.com or call us at (678) 272-4002.<\/p>\n
About Charles River Ventures<\/p>\n
Founded in 1970, Charles River Ventures (CRV) is one of the nation’s oldest and most successful early-stage venture capital firms with $1.4 billion under management. CRV is dedicated to helping exceptional entrepreneurs turn their ideas into the next category leaders in the data communications and software & services sectors. To build these companies, CRV provides entrepreneurs with access to a unique combination of financial backing, start-up operations expertise and its extensive business network. Over the past 10 years, CRV funds have been ranked among the industry’s top performers. This superior investment record includes leading companies such as Cascade, Chipcom, CIENA, iBasis, Sonus Networks, SpeechWorks International and Vignette. CRV has offices in Boston, MA and Menlo Park, CA. For more information visit www.crv.com.<\/p>\n
About Flagship Ventures<\/p>\n
Founded in 1999, Flagship Ventures is an entrepreneurship and venture capital firm comprising a family of funds: OneLiberty Funds, AGTC Funds and NewcoGen Group. Flagship currently invests from $400 million in funds raised in 2000, and manages a total pool of committed capital over $600 million. The Flagship Ventures team consists of 31 venture professionals focused on creating, financing, and building companies in the life science, information technology, and communications sectors. Complementing our internal team is our extensive network of Advisor Partners who are actively engaged in evaluating — and often co-founding — our new ventures. For more information on our company, please visit www.flagshipventures.com.<\/p>\n","protected":false},"excerpt":{"rendered":"
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