Wiretap Receives $3 Million in Series A Funding
Wiretap is a security intelligence platform that helps enterprises safely accelerate the adoption of collaboration services. It uses social networks to help companies grow, learn from, and manage the social interactions on their networks, and uses cognitive computing and behavioral analytics to facilitate the process. Since the company is known for being so helpful to enterprises, it should come as no surprise that it recently received $3 million in Series A funding.
The investment is being led by Pittsburgh-based Draper Triangle, along with Columbus-based Ohio Innovation Fund. Both firms will join Wiretap’s Board. The company is excited about working with the two companies, with Jeff Schumann, CEO of Wiretap, saying, “We are incredibly excited to partner with Draper Triangle and the Ohio Innovation Fund, two leading investors that share our vision…Together we believe deeply in the power of collaboration as an engine for innovation and to provide a competitive advantage among global enterprises. Wiretap not only enables safe collaboration, but aims to use cognitive computing to develop insights along a myriad of dimensions that can only be understood by moving beyond data and tapping into the human element of large enterprises.”
Wiretap plans to use the money to improve product development by working on its enterprise social collaboration security platform, and to help the organization grow by adding additional dedicated employees that have a passion for security and technology.
It looks like this investment is going to be a good thing for everyone involved. Ohio Innovation Fund is just as excited as Wiretap about the new partnership, with Bill Baumel, Managing Director. Saying, “Wiretap's progress in bringing its product to market and growing its customer base are indicative of how rapidly enterprises are adopting collaboration platforms like Office 365, and of the need for an innovative approach combining data science and elements of cognitive-computing in securing the newly established social graph. We are thrilled to work with this world-class team and help support the next chapter of Wiretap's success.”
Edited by Stefania Viscusi