Seattle security startup Tempered Networks is announcing today that it raised $15 million to accelerate its growth.
Combined with $7 million raised last year, that should be enough to build Tempered into a major company, according to Chief Executive Jeff Hussey.
“We’re fully financed for the foreseeable future,” said Hussey, who earlier founded F5 Networks.
Hussey noted that F5 raised just $12.6 million before it went public.
Most Read Business Stories
- King County's secret all-cash homebuyers must reveal true identity to law enforcement
- T-Mobile plans $160 million Bellevue campus renovation VIEW
- Boeing to hold regional meetings with airlines on 737 MAX, while execs try to reassure employees
- Dispute arises among U.S. pilots on Boeing 737 MAX system linked to Lion Air crash
- Worst day of an awful year leaves no corner of U.S. financial markets unscathed
“This is $10 million more than that and we’re a little ahead of where we were – same time, same place, so many years ago – and so my view is that we’re fully financed with this money,” said.
Tempered is developing and selling a system of hardware and software for securing infrastructure, such as industrial control systems and sensor systems. Customers include utilities, energy companies and manufacturers, notably Boeing.
The company was hatched last year when Hussey connected with Asguard Networks, an enterprise security venture started in 2012 by Boeing veterans. In November they rebranded and relaunched as Tempered, with $1.2 million in seed funding from Hussey.
Since then the company has grown from 15 to 30 employees. Hussey expects it will employ around 50 by the end of the year and may outgrow its Lower Queen Anne office in 2016.
The latest, series A funding – led by Bellevue’s Ignition Ventures with IDG Ventures participating – will be used for sales, marketing, engineering and expanded distribution, including expansions in Latin America, Europe and the Middle East.
John Connors, Ignition managing partner, is joining the Tempered board of directors.
Connors said Hussey “has assembled one of the best series A teams I have ever seen.”
“The proliferation of connected devices is increasing enterprises’ exposure to security breaches by orders of magnitude,” Connors said in a release. “Tempered Networks’ industrial hardened solution and world-class team will be mission critical to companies needing to secure their connected assets, across edge, corporate, and industrial networks.”
Hussey said there’s an “enormous opportunity” for the sort of “unified threat elimination” that Tempered provides.
“If we continue to meet our customers’ needs and can really keep the threats at bay – rather than putting people in the position of simply having to manage the continual threats – we’ll be a very big business,” he said.