Irvine-based security software startup MultiFactor Corp. on Thursday said it raised $3 million in a round of financing.
The latest round brings MultiFactor’s total funding to date to $11 million. All of the company’s funding is from private and individual investors, whose names weren’t disclosed.
The company plans to use the money to build up its sales group and continue to grow.
MultiFactor’s software product, called SecureAuth, verifies the identities of those people in a company who are allowed to have access to both physical and virtual networks.
The company specializes in securing corporate networks that run in the cloud, which lets companies store and run their data and software programs on outsourced servers.
Cloud computing helps companies cut down on the costs of running data centers by allowing the files and software programs on their shared networks to be stored elsewhere.
“Everyone is excited about cloud computing and about the money they can save, but people are also concerned about their security,” said Thomas Stewart, MultiFactor’s chief operations officer and chief finance officer. “What is unique is that SecureAuth allows the same simple, secure access to traditional software located on premise as well as to cloud applications such as Google Apps and Salesforce.com.”
MultiFactor’s customers include schools, cities, banks, drug makers, retailers and other large companies.
The company, which has about 20 workers here, was started in 2005 by technology security industry veterans Garret Grajek and Craig Lund.
Both are early employees of Waltham, Mass.-based Netegrity Inc., a maker of security software that went public in 1999 and was acquired in 2004 by New York’s Computer Associates Inc. in a deal valued at $430 million.
MultiFactor doesn’t disclose financials. The company said it has seen eight consecutive quarters of revenue growth.
It doesn’t plan to raise any additional funds, Stewart said.
