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Columbus IT firm lands $3 million investment

ELISSA COLLOPY
Special to the Legal News

Published: February 23, 2017

Wiretap, a security intelligence platform founded in Columbus, announced this week the close of a $3 million Series A funding.

The investment, led by Pittsburgh-based Draper Triangle Ventures, along with the Columbus-based Ohio Innovation Fund, will be used for product development and organizational growth.

"We are incredibly excited to partner with Draper Triangle and the Ohio Innovation Fund, two leading investors that share our vision," said Jeff Schumann, CEO of Wiretap. "Together we believe deeply in the power of collaboration as an engine for innovation and to provide a competitive advantage among global enterprises."

Wiretap interfaces with social networks to allow companies to safely grow and properly manage the social interactions occurring on their network, according to its website.

Wiretap was founded in 2014 in the midst of Columbus's ranking as number one for scaling startups and eighth for tech job growth, according to Praxis Strategy Group.

With the money, Wiretap plans to further develop its social collaboration security platform and recruit skilled teammates.

"Wiretap not only enables safe collaboration, but aims to use cognitive computing to develop insights along a myriad of dimensions that can only be understood by moving beyond data and tapping into the human element of large enterprises," said Schumann.

Wiretap monitors and secures files and conversations, monitors external collaboration, blocks files by type or content and blocks confidential data leaks, according to their website.

Both Draper Triangle Ventures and the Ohio Innovation Fund are looking forward to working with Wiretap.

"We're excited to be working with the terrific team at Wiretap," said Will Indest, managing director at Draper. "With this investment, Wiretap will be able to expand upon its success in securing the exploding social enterprise space and begin delivering never-before-seen social intelligence insights."

Bill Baumel, managing director at the Ohio Innovation Fund, said they are also thrilled to work with and help support Wiretap's success.

"Wiretap's progress in bringing its product to market and growing its customer base are indicative of how rapidly enterprises are adopting collaboration platforms like Office 365," he said.

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