AFORE Secures $6 Million from BDC Venture Capital to Accelerate Cloud Strategy

Ottawa’s AFORE Solutions announced today that it has closed a $6 million financing round from a group of investors led by the BDC Venture Capital IT Fund.

“As cloud computing adoption continues to exceed expectations, AFORE Solutions and its partners have applied CloudLink’s unique high performance multi-tenant encryption solution to satisfy security and compliance issues related to Cloud deployments,” said Alex Berlin, President and CEO, AFORE Solutions.

“With an established and growing global enterprise and cloud service provider customer base, the funding will enable the company to focus on meeting the growing global demand and to accelerate the next generation products ideas,” he added.

“Protection of sensitive data is the dominant concern enterprises face regarding the adoption of cloud computing. The traditional methods for securing data are no longer relevant in Cloud Computing and AFORE’s CloudLink portfolio perfectly addresses this concern,” said Ron Warburton, Managing Partner at BDC Venture Capital IT Fund.

“Our investment in AFORE Solutions is consistent with our belief that intelligent security solutions will play a critical role in the adoption and growth of cloud computing,” he added.

AFORE will use the capital to expand the company’s marketing, sales and operations capacity to meet growing customer demand, and to accelerate next generation IP and product development.