Investment

Valtix Lands Investment From Cisco Investments And TSG To Secure Cloud – Crunchbase News

Published

4 years ago

January 21, 2021

Valtix has closed a $12.5 million strategic funding round from Cisco Investments, Northgate Capital and The Syndicate Group (TSG) to help push its cloud-native network security platform further into the market.

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The Santa Clara, California-based cybersecurity company had started a conversation in the second half of last year to raise a Series B, however shifted strategies after hiring Douglas Murray as its new CEO in the fourth quarter. Murray said the company instead eyed a strategic investment to help grow it and prove a product/market fit.

“We now have two strategic partners to help create a foundation for our go-to-market strategy,” said Murray, who served as CEO of Big Switch Networks from 2013 until it was bought by Arista Networks in January 2020 for an undisclosed price.

Securing the cloud

Valtix’s platform helps companies secure their application environments in the three large public clouds — AWS, Microsoft’s Azure and GCP. The company helps protect customers from the new vectors they face in public cloud environments, much like incumbent firewall providers like Palo Alto Networks, FireEye and Juniper Networks did for on-premise environments.

Chad Cardenas, CEO of The Syndicate Group, said while the company is still young — founded in 2018 — he has been excited by the number of companies that have shown interest in becoming partners with Valtix.

“Valtix is on the early end of the spectrum for us to get involved with a company,” he said “But it’s a very exciting time for us to get involved.”

The company has about two dozen partners now, but has interest from about three times that amount of companies wanting to partner, Cardenas added.

Growth

Although Valtix just started to sell its cloud network platform in the first half of last year, it has dozens of customers, said Murray, who believes the company’s market will be between $3 billion and $4 billion by 2025.

After the company grows its channel partners and proves its go-to-market strategy, a Series B could occur in the 12- to 18-month range, Murray said. The 40-person company now has raised $26.5 million since being founded. Previous investors include Trinity Ventures, Vertex Ventures and Wing Venture Capital.

While the company is not focused on an exit, Murray said he sees the company as a disruptive force in security, just as FireEye and Palo Alto Networks were when they entered the market. Despite competing on some levels with those cybersecurity titans, Murray said Valtix also could look to partner with incumbents, as it did by taking a strategic investment from Cisco’s investing arm.

Murray added that when he joined the company he was looking for something early-stage that he could help mold, and believes Valtix can be formed into a billion-dollar cybersecurity company.

“If our goal was to sell to a strong incumbent I would not have taken the role,” he said.

Illustration: Dom Guzman

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Economy

S&P/TSX composite down more than 200 points, U.S. stock markets also fall

Published

6 days ago

September 6, 2024

Anne Joseph

TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.

The S&P/TSX composite index was down 239.24 points at 22,749.04.

In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.

The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.

The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.

The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.

This report by The Canadian Press was first published Sept. 6, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets also higher

Published

2 weeks ago

August 29, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.

The S&P/TSX composite index was up 171.41 points at 23,298.39.

In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.

The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.

The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.

The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.

This report by The Canadian Press was first published Aug. 29, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Investment

Crypto Market Bloodbath Amid Broader Economic Concerns

Published

1 month ago

August 5, 2024

Harry Miller

The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.

The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.

Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.

The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.

Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.

Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.

Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.

Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.

The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.