In the News Silicon Valley, Boston VCs flock to Atlanta
Click here for PDF versionUrvaksh Karkaria October 9, 2009 Web security firm Damballa Inc. has raised $8.2 million in a round led by Santa Monica, Calif.-based Palomar Ventures. Damballa’s technology helps sniff out “bot armies” — scores of computers remotely hijacked to commit fraud. The company is named after the voodoo snake god that protects against zombies and is a play on the fact that compromised computers commandeered for fraudulent activity are referred to as “zombies.” Damballa, which confirmed the raise but declined further comment, is emblematic of many local tech firms that get their capital from across state lines. In addition to Palomar, Damballa is backed by Menlo Park, Calif.-based InterWest Partners LLC, Sigma Partners and Atlanta’s Imlay Investments Inc. and Noro-Moseley Partners. About 90 percent of venture capital invested in Georgia-based companies comes from out of state, according to the National Venture Capital Association. |
