Banking Fintech News

FireMon Secures $40 Million Debt Financing with Silicon Valley Bank

FireMon Secures $40 Million Debt Financing with Silicon Valley Bank

Network Security Policy Management Leader Deemed Critical to US National Security, Secures Additional Funding to Accelerate Growth

FireMon, the leading network security policy management company that brings visibility, control, agility and automation to enterprise cloud and hybrid network infrastructure, today announced it has secured a debt financing of $40 million from Silicon Valley Bank (SVB), the bank of the world’s most innovative companies and their investors.

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“We are excited to see FireMon grow and are thrilled to support the team.”

Building on an explosive Q2, which saw more than 300 percent sequential growth over Q1 and 48% year over year growth, the company will use the additional funding to accelerate sales momentum and product innovation. The company is trusted by more than 1,700 enterprises and more than 700 go-to-market partners worldwide.

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As part of this latest round of financing, FireMon was deemed critical to National Security by the United States Treasury. This elite designation qualified the company for US Government loans as part of the CARES Act and points to the importance FireMon solutions play to public sector customers. Ultimately the company decided to pursue commercial financing and chose Silicon Valley Bank as its lending partner.

“FireMon is the category leader in Network Security Policy Management (NSPM). This latest injection of financing allows us to continue to innovate for a market that is truly exploding. Network security policy as we know it is changing and our unique agile approach to NSPM is what sets us apart from traditional approaches that are increasingly ineffective, especially in cloud and hybrid environments. Having the United States government deem FireMon as critical to national security further underscores the importance of network security policy and our work to innovate,” said Satin H. Mirchandani, CEO of FireMon.

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