Jan 9, 2014, 4:59pm EST Updated: Jan 10, 2014, 5:17am EST
KoolSpan to seek $10M to $12M in VC this year
- Ryan McDonald
- Digital Producer- Baltimore Business Journal
Bethesda-based mobile security company KoolSpan Inc. plans to seek between $10 million and $12 million in venture funding this year as it expands its international presence.
Company Senior Vice President Francis Knott said funding will be used to grow KoolSpan’s sales and engineering teams, particularly overseas.
“A lot of our growth is international. I would guess that for 2014, international will outweigh domestic as far as growth for us,” Knott said. “Foreign entities seem to be more embracing of pre-empting the problem that exists.”
Koolspan has about 40 employees, 30 of which are based in Maryland. Knott said the company plans to hire another 25 this year.
The company — who’s products include a TrustChip that slides into smartphones and other devices to secure their information — has offices in the United Kingdom, Italy and South Korea. It is also in the final stages of opening an office in the Middle East. Knott would not say where that office is, citing the volatility of the region.
The company also plans to open an office in Brazil this year.
KoolSpan has landed about $40 million in venture capital since its founding in 2003, said Knott, who would not reveal the company’s revenue or say whether it is profitable. Investors include New York-based Security Growth Partners and TWJ Capital in Bethesda.
KoolSpan’s customers include AT&T Wireless and Samsung. Knott said its competitors include Secusmart gmbH in Germany and Cellcrypt in Virginia.