With Costly Data Breaches on the Rise, Cybersecuri
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Denver, May 22, 2018 (GLOBE NEWSWIRE) -- OverWatchID, a Denver-based market leader in cloud-based converged identity security solutions, has completed an additional $1.2 million seed funding round led by the Rockies Venture Club (RVC). OverWatchID is one of eight companies that RVC has invested in as an angel group in 2018.
“Thanks to the Rockies Venture Club, we will use a significant portion of the funding from this seed round to redouble our focus on continued expansion and customer acquisition,” said Andy Funk, co-founder and CEO of OverWatchID. “The funding will help us expand our marketing and sales teams, as well as continue to grow our product team to bring even more identity security features to our patent-pending platform.”
“The RVC angel investors that syndicated alongside Rockies Venture Fund were interested in this company for two main reasons,” said RVC director of operations, Dave Harris. “The first is the caliber and experience of the team. Both CEO, Andy Funk, and CTO, Cameron Williams, have extensive enterprise development in identity security, and have demonstrated their ability to execute rapidly. Second, the cybersecurity industry continues to be red hot both, in terms of market adoption and the exit environment for innovative technologies in this space.”
Called a “company to watch” in the fast-growing Colorado cybersecurity marketplace, OverWatchID was recently tapped by the Denver Office of Economic Development as one of seven companies selected for exclusive membership in the prestigious Denver ScaleUp Network, which selects select fast-growing, second-stage companies in the Denver area. Additionally, OverWatchID graduated from the Plug and Play’s inaugural cyber security accelerator cohort earlier this month.
About OverWatchID: OverWatchID is “Identity Security Reinvented TM ”. OverWatchID leverages more than 20 years of enterprise development experience in identity security and delivers a feature-rich platform that comprises privileged access management (PAM), identity access management (IAM/SSO), multi-factor authentication (MFA), and cloud access security brokering (CASB). OverWatchID’s patent-pending technology provides an assurance of security efficacy far beyond legacy PAM systems, and its rapid, frictionless deployment reduces subscription, implementation and administration costs by up to 80 percent. OverWatchID is headquartered in Denver, Colorado. www.overwatchid.com .
About the Rockies Venture Club: Rockies Venture Club is the oldest and one of the largest Angel Groups in the U.S.A., founded in 1985, whose mission is to advance economic development by actively connecting the most promising entrepreneurial companies with Angel investors, venture capitalists, and other community members. Every year Rockies Venture Club offers over 140 educational programs, mastermind groups, Angel forums, and two major conferences for both investors and entrepreneurs.
Courtney Richard crichard@mapr.agency
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