Toronto’s PerspecSys Raises $12 Million from Paladin Capital and Others

PerspecSys, which specializes in cloud data protection solutions for the enterprise, this morning raised $12 million in funding from new investors Paladin Capital Group and Ascent Venture Partners, as well as return backer Intel Capital and others.

The company, which has headquarters in Toronto, previously raised $8 million in a Series A round, bringing its total financing amount to more than $20 million.

PerspecSys says that, given the market demand, it will use the new investment “to support continued global sales and marketing expansion and technology innovation for customers across banking, insurance, government/public sector, healthcare, and manufacturing markets.”

“The marketplace is shifting. Enterprises are learning that you cannot secure your data unless you fully control your data – and PerspecSys is the only company helping them solve that problem with a mature solution,” says Philip Elliot, of Paladin Capital Group, who has joined the PerspecSys board of directors.

“We have seen a real shift over the last 12 months in the acceptance and adoption by large enterprises of SaaS offerings. But these major companies have increased sensitivity to data protection. The fact that PerspecSys can enable SaaS adoption by protecting sensitive data makes them a compelling opportunity,” says Matt Fates of Ascent Venture Partners, who has also joined the PerspecSys board of directors.

“While the cloud continues to deliver amazing benefits to companies worldwide, it also continues to pose some major hurdles,” says David Canellos, CEO of PerspecSys. “Businesses are struggling to balance critical data residency, compliance, privacy and security requirements that come with cloud adoption against the need for full application functionality and ease of use. Our focused efforts over the last four years have produced the most advanced gateway in the industry, delivering the only data protection solution that passes the strictest European and US regulatory requirements.”

PerspecSys was founded in 2006 in Toronto by Lynda and Terry Woloszyn.