KoolSpan, Inc., a Bethesda, MD-based developer of a security processors for the mobile market, has completed a $5m funding.
The round was led by TWJ Capital and Security Growth Partners.
The company intends to use the new funding to expand product offerings while investing in global sales, marketing, and operations.
KoolSpan, which recently hired wireless and mobile technology industry veteran Gregg Smith as CEO, has developed the TrustChip® mobile encryption engine, which enables the protection of applications, operating systems and mobile devices.
The company has worked with numerous Fortune 250 companies and government agencies across the globe and is building a global partner network.