I was flipping through some regulatory filings last week, and noticed that Centrify Corp. had raised what looked like $15 million in Series C preferred equity funding. But a bit further down, I noticed that the company had listed all $15 million on the “debt” line, instead of on the “equity” line. So what did it raise? Equity or debt?
The answer – not surprisingly – is equity. Seems a legal staffer made an “oops,” and already has sent a revised filing into the SEC. Of more relevance, Centrify will formally announce the round tomorrow, with Sigma leading and return backers Mayfield Fund, Accel Partners and Invesco Private Capital also participating.
Tom Kemp, Centrify’s CEO, says that the deal was an up-round over the $15 million Series B deal it closed in mid-2005. Not terribly helpful since he declined to share the Series B valuation, except that it also was an up-round, over the $14m post-money Centrify received from its $7 million Series A in late 2004. Kemp says that the company has not yet achieved profitability, but says that it has over 200 customers, compared to just 17 when it began raising the Series B. It also has a new product.
For the uninitiated, Centrify is a Mountain View, Calif.-based network security company focused on integrating non-Microsoft platforms with Microsoft Active Directory management services.