Fast-growing Datacastle has reeled in $2.4 million in fresh financing, and is on the prowl for more as the Seattle startup looks to catapult even deeper into the hot market of mobile data protection. The new funding was provided by existing investors CM Capital and Haag Investments, both of Australia.
Founder and Chief Technology Officer Gary Sumner, a former 10-year vet of Microsoft, hails from Australia. He’s based in Seattle, but some of the company’s staff is located in Australia.
The new cash will be used to grow the company’s channel partnership program, as well as hire engineers. Total funding stands at $13 million.
CEO Ron Faith, the former vice president and general manager of mobile and broadband commerce at Qpass, said that they plan to raise even more cash in order to take advantage of opportunities. Datacastle’s technology is used to protect corporate data when laptops, smartphones, tablets or other mobile devices are lost or stolen.
According to the FBI, about 10 percent of corporate laptops will be lost or stolen during their life cycle.
“We’ve seen massive growth over the past year. It is a hot space, and it is growing rapidly,” said Faith. Datacastle already provides the technology that powers mobile data protection for Seagate’s EVault system, and Faith tells GeekWire that other deals will be announced shortly.
There’s certainly no shortage of competition in the market, since more and more people are switching to mobile computers in the corporate environment. (Which means more folks will lose them). In Seattle, Madrona Venture Group and Trilogy last year bankrolled Mobilisafe, which is also trying to figure out ways to protect data when smartphones are lost. (This post has been corrected to accurately reflect Mobilisafe’s business).