Application security firms win investments

Wednesday, 2 July 2003, 1:18 AM EST

Two application-security vendors raised millions in capital Tuesday, and security analysts say the investments show the application security market is here to stay.

Web application-security maker Kavado Inc. received $10 million in third-round funding today, bringing its total funding to $18 million to date. This round, Kavado's largest to date, was led by Pequot Ventures. Previous investors, including Banc of America Equity Partners, Neurone Ventures, and 3i Group, also participated in this round.

Web application gateway maker NetContinuum Inc. also received roughly $1 million in additional funding today from Siemens Venture Capital GmbH. NetContinuum has secured more than $55 million since the company's founding in 1999.

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