Cyber security firm EdgeWave nets funding

EdgeWave, a San Diego cyber security software firm, said Tuesday it has raised $6 million in equity financing and an additional $5 million in debt to boost sales and marketing for its hacker protection products.

TVC Capital of San Diego, a boutique private equity firm that invests in revenue-generating tech companies, provided the equity financing. Square 1 bank is carrying the debt, which is earmarked for general corporate purposes.

EdgeWave was formerly known as St. Bernard Software. It makes email and Web filtering network security software that blocks phishing and other attacks.

In 2010, it acquired security firm Red Condor to enhance its email security. The company changed its name in 2011.

“EdgeWave’s cloud-enabled security solutions are growing at over 100 percent annually because they provide leading-edge advanced threat protection across all web and email traffic in flexible, maintenance free bundles that produce unmatched return on investment for customers,” said Jeb Spencer, managing partner of TVC Capital, in a statement. “We look forward to working closely with the EdgeWave team in delivering exciting new products and cloud security solutions.”

Its customers including Susquehanna Health, Esurance and the U.S. Tennis Association. Earlier this year, EdgeWave hired retired U.S. Navy Capt. Mike Walls to lead its cyber security efforts. Walls most recently commanded the Navy’s global cyber security operations.

According to the 2014 PriceWaterhouseCoopers survey, corporate network security breaches have increased 25 percent in the past year, with an average breach cost of $2 million.

“Organizations are under attack from hackers, and frankly they’re losing the war,” said Dave Maquera, chief executive of EdgeWave. “By combining proven U.S. military cyber-defense capabilities and leadership with our advanced cloud-enabled technology, EdgeWave provides a level of security and policy compliance that is not available anywhere outside of the U.S. Department of Defense.”