Onset Technology, a Waltham, Mass.-based provider of smartphone compliance solutions, has raised $3 million in new VC funding. The Cedar Fund led the round, and was joined by The Challenge Fund and Jerusalem Global Ventures.
Onset Technology, the industry leader in smartphone compliance, today announced it has secured $3 million in a funding round led by the Cedar Fund. Onset Technology will use the capital to advance its position as the preeminent smartphone compliance and data leak prevention solution provider. The company plans to bolster its research and development activity, expand its support of METAmessage Advanced Compliance Tool (ACT) for BlackBerry® smartphones and introduce new versions of ACT for iPhone, Windows Mobile and Symbian devices.
ACT is the first and only solution which allows organizations to scan, block and archive all wireless communications to keep companies compliance under regulations like SEC, NASD, Sarbanes-Oxley, HIPAA, FINRA and more. Onset Technology is a member of the BlackBerry® ISV Alliance program and the company’s solutions are available from all major U.S. wireless carriers.
“Wireless compliance is a new and increasingly important challenge for large organizations,” said Ronen Yehoshua of the Cedar Fund. “Smartphones are evolving into a laptop-replacement communications tool, meaning that companies must expand compliance controls from the desktop to smartphones. We firmly believe that Onset Technology has a breakthrough smartphone compliance and data leak prevention solution that will help enterprises save money and hassle by keeping them covered on compliance.”
“Our investors share our vision for a powerful and secure mobile compliance solution for financial, government, healthcare and legal sectors,” said Rafi Kaminer, CEO of Onset Technology. “This funding, as well as our co-operation with leading security partners, enables us to continue transforming that vision into a reality while keeping pace with rising market demand.”
Added David Ferris, President of Ferris Research: “Onset Technology appears to offer a powerful solution to help companies manage increasingly onerous compliance regulations. Receiving funding in these trying market conditions may reflect the strength of Onset’s solution, and gives the company resources to expand its leadership in this nascent—and critical—field.”
The Challenge Fund and Jerusalem Global Ventures joined Cedar Fund as notable investors in this investment round.
About Onset Technology:
Onset Technology develops software solutions for wireless messaging compliance, data loss prevention, emergency communications and mobile device management. Onset’s METAmessage Wireless platform serves more than 1,400 enterprise, government, healthcare and emergency services clients globally. Onset’s METAmessage Advanced Compliance Tool (ACT) for the first time enables enterprise IT, security and compliance officers to easily and efficiently comply with changing requirements for monitoring, controlling and archiving wireless messages. Onset Technology was founded in 1997 and is headquartered in Waltham, Mass., with a research and development center in Herzliya Pituach, Israel, and offices in New York, Washington, and Santa Cruz, Calif. For more information about Onset Technology, please visit www.onsettechnology.com.
About Cedar Fund:
Cedar Fund is a venture capital firm, investing in early stage, Israel-related high technology companies since 1997. With over $325 million under management and a quality investment track record, Cedar invests in outstanding entrepreneurs pursuing high growth markets with distinguished technologies in the telecommunications, networking, Internet-infrastructure and enterprise software areas. While investing in all stages, Cedar Fund’s early stage expertise includes Pre-Seed®, seed and first round. For more information about Cedar Fund, please visit www.cedarfund.com.