KoolSpan Raises $5 Million in Equity Financing
Security Growth Partners and TWJ Capital Lead Round of Investment for Maker of the TrustChip® Mobile Security Solution
Bethesda, MD – November 4, 2011 – KoolSpan, Inc., developer of the TrustChip® family of plug-in mobile security solutions, today announced the completion of a $5 million round of funding, led by TWJ Capital and Security Growth Partners.
KoolSpan, which recently participated in the SINET 16 Showcase of leading technologies to fight global cybersecurity threats, plans to leverage the new financing to expand product offerings while investing in global sales, marketing, and operations.
Earlier this year, the company announced the hiring of wireless and mobile technology industry veteran Gregg Smith as CEO; and KoolSpan also recently announced the awarding of four new security technology patents.
“We’re very excited to see KoolSpan’s mobile encryption platform gain market share in the U.S Federal government and large enterprises, following successful small deployments at governments and enterprises in 18 countries across the globe,” said, Nigel Jones, a partner with TWJ Capital and a Koolspan Board member. “With the addition of Gregg Smith as a seasoned, execution is growth-oriented veteran in the mobile telecommunications industry, we believe that KoolSpan is poised for great success.”
The KoolSpan TrustChip is designed around an industry standard microSD form factor, and can be inserted into a smartphone or any mobile device. The solution allows users to create TrustGroups for secure, encrypted communication for voice and data.
To date, KoolSpan has worked with numerous Fortune 250 companies and government agencies across the globe and is building a global partner network.
“We are finding a hearty appetite for our technology among enterprise and government customers, and this new round of funding will allow us to grow more aggressively,” said Smith. “Specifically we are focused on a direct and indirect program with systems integrators intended to bring the TrustChip to a global audience.”