Ottawa-based data management company Pythian announced Tuesday it has landed $6 million in new investment capital.
The funding will help expand the market reach of the firm’s cloud-based data security software, Adminiscope, the company said in a statement. Investors include the Business Development Bank of Canada and the Royal Bank of Canada.
“It’s clear there’s an appetite out in the marketplace for greater data security measures among all organizations, especially retailers who have to protect sensitive customer financial information,” said Paul Vallée, Pythian founder and executive chairman, in the statement.
Adminiscope gives customers secure access to cloud infrastructures, databases, servers and other applications, allowing users to monitor and record all activity in real time in an effort to prevent security breaches.
Database Trends and Applications magazine recently put Adminiscope on its list of Trend-Setting Products for 2014 in the data management and analysis space.
Adminiscope now serves more than 5,000 systems and is expected to protect 10,000 systems by the end of this year, the company said.
“We are convinced that Pythian has what it takes to grow and move to the next level in terms of accelerating the adoption of its data security solutions,” Cyril Cochrane, managing director of BDC’s subordinate financing division, said in the statement.
“We are always excited about finding and supporting the next generation of high-growth Canadian companies that are well positioned to take on new, global markets.”