Cloud security provider FirstWave Cloud Technology has successfully raised $6.6 million in capital.
The company has also opened for shareholders to apply in a share purchase plan (SPP) of up to $30,000 that will be issued on 25 November.
FirstWave executive chairman, John Grant, said it had a significant opportunity ahead and reassured shareholders that it was committed to meeting their reasonable expectations.
“In saying this, the board has received feedback from shareholders that ongoing funding is reliant on the company being able to demonstrate progress against specific milestones that provide confidence in the company’s business model to ultimately deliver strong revenue growth, particularly from international markets, and clarification that the company’s expenditure is in line with its financial capacity and optimally applied,” Grant said.
“We have taken this on board. We will elaborate on progress against the milestones we believe can provide that confidence and detail how the company’s available funding is being applied in each of its quarterly updates to shareholders commencing in October.”
FirstWave remains focused on expanding globally and on-boarding channel partners through its leveraged go-to-market model.
In a recent interview with ARN, FirstWave CEO David Kirton said it was continuing to grow and add more partners on to its platform.
“We’re strengthening our relationships and increasing our global footprint, and we’re continuing to invest in the technology,” Kirton said.
Grant joined as the executive chair in July, and said it was his first time in dealing with an international business and further highlighted the global significance of FirstWave’s technology.
“It’s clever tech that is really cleverly positioned in terms of being in a sustainable, competitive position, because it’s a platform that sits inside the service provider layer, whether its a telco or MSSP, and it’s the orchestration of the services that provide the perimeter security for both small to medium businesses, as well as enterprises because its functionality and integrity as a software application,” Grant said.
“It’s sits in a position where it’s not competitive with Cisco or Fortinet, but it what it does is bring it all together on this platform in a virtualised manner, and provides a single pane to manage all these disparate, previously hardware-based appliances.”
Grant further explained it had a three layer, go-to-market partner model.
“It’s a powerful and highly scalable go-to-market model that allows you to get revenue,” he said.
In April, Kirton said it was targeting managed service providers and managed security service providers to white-label its cloud orchestration engine, after extending its product and services agreement with Telstra, and will, for the first time, tap into its indirect business.