Bethesda-Based KoolSpan Raises $5 Million in New Funding
Bethesda, Md. – KoolSpan, the manufacturer of a microSD card called TrustChip that enables drop-in, secure connectivity solutions to mobile devices has raised $5 million in a new round of funding last Monday from TWJ Capital and Security Growth Partners.
Just 2 months ago, KoolSpan has named Gregg Smith as its new CEO and replacing company founder Tony Fascenda, who stepped aside to become chief technology officer.
According to Greg Smith, “We are finding a hearty appetite for our technology among enterprise and government customers, and this new round of funding will allow us to grow more aggressively.” Smith also anounced that the company plans to use the new funding to expand its product offerings and heighten its sales, marketing and operations campaigns.
The TrustChip platform uses encrypted network connectivity through a device that protects critical voice and data traffic and can be plugged in into smart phones and provides security such as key management, authentication and encryption.
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