NewSpring leads $29M round for remote work security company Venn

Remote work security company Venn Technology Corp. announced today that it had raised $29 million in new funding in a round led by NewSpring Capital Inc. to support product development, growth and customer demand.

Founded in 2010, Venn describes itself as a pioneer in the Secure Bring Your Own PC field with technology designed to facilitate and secure remote work on any computer. The company’s solution offers Mobile Device Management-like functionality but for laptops, providing a simplified and cost-effective alternative to the traditional virtual desktop infrastructure.

The company argues that as remote work has become normalized and the workforce becomes more distributed, employee computing models previously suitable for “office-first” are less effective in a “remote-first” world. Added into the mix is the blurring of personal and business time and the rise of contractors, gig and offshore workers pushing companies to look for new ways to secure remote work.

Venn claims that traditional solutions, like VDI, are costly and often frustrate users due to latency and slowness. Newer solutions, such as Enterprise Browsers, are said to have strict limitations around application use and network integration. This is where Venn’s service steps.

The company’s service creates a Secure Enclave on the user’s computer, where all work activities are isolated and encrypted. Doing so allows business applications to run locally within the enclave, protecting company data without needing to control or lock down the entire device. The solution gives businesses more control over their data without requiring any backend infrastructure.

“Before Venn, companies had to ship laptops or rely on complex and costly VDI technology to support remote workers and stay compliant with regulatory requirements,” David Matalon, chief executive officer and co-founder of Venn, said in a statement. “Instead of having to buy, manage and lock down every PC, remote work can now easily be secured on any BYOD or unmanaged computer.

Alongside the funding announcement, Venn also announced that it has recently been awarded a key patent that is said to represent a significant step forward in the security of remote work technology. The patent, titled “Secure Visual and Computational Boundary for a Subset of Resources on a Computing Machine,” outlines Venn’s approach to creating a Secure Enclave on a user’s computer. Venn says that the patent strengthens its intellectual property and substantiates its unique approach to BYO-PC technology.

Image: Venn