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GE Asset Management backs data security company Verdasys for GE Pension Trust

19 Mar 2014

venus flytrap securityGE Asset Management has invested in data protection business Verdasys on behalf of the GE Pension Trust as part of a $12m financing round.

Fairhaven Capital and Brookline Venture Partners also took part in the round, which will go towards growing Verdasys in the $20bn security software market.

Brookline Ventures co-founding partner Kenneth Levine has joined the firm as CEO following the investment. He was previously general manager of security management at McAfee.

Levine said, “Security has evolved from a discretionary insurance policy or a necessity mostly suited to companies with crown-jewel assets to protect to perhaps the most critical area of IT.

“Verdasys is uniquely capable of controlling literally any action on an endpoint and has been extraordinarily successful in preventing malicious data theft by both skilled insiders and advanced malware.”

Fairhaven Capital partner Mark Hatfield, who sits on the company’s board, added, “We invested in Verdasys because we are confident in the exceptional value it brings to the IT security ecosystem.

“With this round and Ken at the helm we look forward to establishing Verdasys as the leader in data protection at the endpoint.”

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