BOULDER – Enterprise cloud security software provider Managed Methods Inc. raised $1.5 million recently as it launches a pair of new products geared toward mid-sized to large companies.
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The funding was an extension of a round that originally raised $2 million last November, and came primarily from local angel investors.
Privately held Managed Methods doesn’t disclose revenue. But since ramping up development of the new products in November, the 7-year-old company has added about six employees to get to 15, with another five to seven likely to be hired over the coming year, chief operating officer Don Bergal said Wednesday.
Bergal said the new cash will be used to expand development and marketing efforts of the new products.
The first, Cloud Service Discovery, launched in August and helps companies discover in what ways they and their employees are currently using cloud services. The second product, Cloud Security Gateway, which is currently in testing, then helps companies put policies in place to govern and actively control their use of the cloud.
Bergal said the new offerings are most attractive to businesses that have intellectual property or sensitive customer information that they need to protect, such as those in the health care, finance, insurance and technology sectors – and particularly where those sectors interconnect.
“It’s an exciting time,” Bergal said. “It’s a competitive market space. We’re adding and building products and trying to go forward as fast as we can.”