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NeoAccel Closes Series A With $4M A3 Tranche

Friday, April 28, 2006

San Jose -- Internet-security software provider NeoAccel Inc. has closed its Series A round, raising about $4 million in Series A3 funding led by Baring Private Equity Partners and existing investors.

In February, the company said it had raised roughly $1 million in Series A2 equity. Backers in that tranche were NTT Leasing and Silicon Valley individuals including Hotmail founder Sabeer Bhatia and inventor Prabhu Goel.

San Jose-based NeoAccel received an undisclosed A1 round from NextStar Venture, the investment company of Michel Susai, chief executive of NeoAccel, and founder and former chairman and CEO of application networking company NetScaler Inc., NeoAccel said in a press statement.

Proceeds from the Series A funding will be used for marketing and sales and to boost operations of its network security software platform, the company said in February.

The company was founded in 2004 by Susai. His company NetScaler was acquired last year by Citrix Systems for more than $300 million.

NeoAccel's network security software, SSL VPN-Plus, sits in the gateway of a branch office or a small to medium-sized business network, securing remote access. It can also be used for wireless connection on corporate campuses, and can provide access to all IP-based applications.

Last year, the company had its first real customers, which were networking and security equipment OEMs, which in turn sell its software to enterprise customers.