Return to search raises $2.5 mln from Madrona, Formation 8, others said it has raised $2.5 million in seed financing in a deal led by Madrona Venture Group and joined by Formation 8. Other individual and institutional investors participated. Ex Microsoft employees William Peteroy and Josh Carlson founded the stealthy company, which addresses network security.


Network Security Company,, Secures $2.5 million in Seed Financing from Madrona Venture Group and Formation 8

Seattle, WA – December, 4, 2014 – today announced $2.5 million in seed financing led by Madrona Venture Group, with participation from Formation 8 and other individual and institutional investors. Founded by William Peteroy and Josh Carlson, the company has already deployed their technology in Fortune 200 companies which are increasingly finding themselves the target of attacks by professional hackers. 

“Attackers are making a lot of money breaking into corporate networks stealing proprietary information and other valuable assets,” said Peteroy, CEO.  “They are bringing huge amounts of firepower to finding the one opening that corporations might have overlooked.  And these corporations are spending millions on network defense to protect proprietary and consumer data.  We are setting out to level the playing field for consumers and companies.”

Both Peteroy and Carlson have worked in high profile cyber defense roles for years.  While they met in Microsoft’s Security Response Group, the founders started their careers at the National Security Agency.   While there, they worked on adversary emulation, attack methodologies and building next generation defense capabilities.

At Microsoft, Carlson, CTO, managed security response for the Windows Platform and also served as the senior technical manager on the Operating Systems Group Breach Response Team where he managed breach investigations and response for hundreds of thousands of machines across more than a dozen datacenters for Xbox Live, Windows, Outlook/, OneDrive, and others. 

Peteroy served as a security response strategist at Microsoft.  He also worked on product security for Windows and Internet Explorer, managing a number of critical 0-day vulnerabilities in both platforms and served on the Microsoft Crypto Board.  Peteroy has also been an instructor at the National Cryptologic School at Ft. Meade.  Peteroy speaks regularly at information security and research conferences in the United States and internationally, including RECON and SECTOR.

“The Icebrg team has a unique combination of experiences and a technological approach that takes both a sophisticated and refreshing angle on protecting our core networks – from financial services, to big retailers, to healthcare to the government.  It is exciting to work with a team that has created everything from military grade defense to securing some of the biggest and most important software platforms on the globe at Microsoft,” said David Rosenthal, Principal, Madrona Venture Group.  As part of the financing, Rosenthal joins the board. 

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About Madrona Venture Group

Madrona ( has been investing in early-stage technology companies in the Pacific Northwest since 1995 and has been privileged to play a role in some of the region’s most successful technology ventures. The firm invests predominantly in seed and Series A rounds across the information technology spectrum, including consumer Internet, commercial software and services, digital media and advertising, networking and cloud computing, and mobile. Madrona manages approximately $1 billion and was an early investor in companies such as, Apptio, Isilon Systems, Extrahop, and Redfin.