OPAQ Networks Raises $22.5 Million in Series B Funding

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Northern Virginia-based network security cloud company OPAQ Networks on Wednesday announced that it has secured $22.5 million in a Series B funding round, bringing the total raised by the firm to date to $43.5 million.

The funding round was led by venture capital firm Greenspring Associates, with participation from previous investors Columbia Capital and Harmony Partners. Hunter Somerville, partner at Greenspring Associates, will join OPAQ’s board of directors.

The newly obtained funds will be used to accelerate growth and finance the company’s go-to-market initiatives for delivering its solutions to midsize enterprises.

“OPAQ Networks has redefined the security-as-a-service market. Its demonstrated progress to date and strategic acquisitions place the company in a position of real market leadership,” said Somerville. “OPAQ Networks joins an existing and prior portfolio of cyber security company investments like Proofpoint and Cloudflare. I look forward to working with the veteran security management team at OPAQ to continue to capitalize on this large and rapidly growing market opportunity.”

OPAQ’s cloud platform provides a fully encrypted private network backbone, along with continuous monitoring, firewall, compliance reporting, DDoS mitigation, microsegmentation, and automated security management capabilities. These capabilities, provided by third-parties and OPAQ’s own technology, are managed from a centralized dashboard.

Last year, OPAQ acquired Drawbridge Networks for $10 million and last month it bought business intelligence firm FourV Systems for an undisclosed sum.

Related: Cloud Security Startup ShieldX Networks Raises $25 Million

Related: Cloud Security Firm Netskope Raises $100 Million

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Eduard Kovacs (@EduardKovacs) is a contributing editor at SecurityWeek. He worked as a high school IT teacher for two years before starting a career in journalism as Softpedia’s security news reporter. Eduard holds a bachelor’s degree in industrial informatics and a master’s degree in computer techniques applied in electrical engineering.

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