HoneyApps Inc. Secures over $1 Million in A Round Funding

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Chicago security vulnerability management company raises A round to help give businesses a clearer view into their security issues.

HoneyApps Inc., developers of security vulnerability management and workflow automation software, today announces it has secured over $1 million in funding lead by Tugboat Ventures with additional funding from Hyde Park Angels. HoneyApps Inc. was founded by Ed Bellis, former Chief Information Security Officer (CISO) of Orbitz and Jeff Heuer, a serial technology entrepreneur, to solve what they see as a pressing, yet poorly addressed, security pain for large enterprises.

"Vulnerability management is a must-do security activity for enterprises and government agencies. However, most organizations are drowning in data and slogging through spreadsheets with a never ending list of new potential issues. This semi-manual process has become a huge waste of time and resources, but worse can leave these organizations vulnerable to security threats for uncomfortably long periods of time," said Ed Bellis. "Our innovative approach cuts through the noise, giving our customers a simplified single pane of glass view into their security posture. By utilizing customer-driven machine learning and automation, our solution presents a priority inbox and remediation manager for security defects. We help put the security team back in control.”

"Tugboat doesn’t typically invest outside of the San Francisco Bay Area however we were so impressed with Ed Bellis and Jeff Heuer’s vision and progress in solving this pressing security pain for enterprises and government agencies that we felt compelled to get behind them with our time and capital, “ said Dafina Toncheva of Tugboat Ventures. “And, their commitment to customer success today and in the future is paramount in our minds.”

About Conduit
HoneyApps Conduit consolidates all of your security vulnerability information, reporting and management into a single place. Conduit connects a number of automated vulnerability scanning solutions from web application, host, network and database vulnerability assessment tools and centralizes your company’s vulnerability data and reporting functions. By offering additional synchronization with bug tracking and remediation tools, we'll give you a simple one-stop shop to manage the entire life-cycle of security bugs from detection to close.

About HoneyApps
HoneyApps is reinventing vulnerability management by simplifying the complexities inherent in securing an organization's assets. Our flagship product, Conduit, collapses the critical time elapsed between the detection of a vulnerability and its resolution by automating the vulnerability management process behind the tools. We provide our customers with unsurpassed expertise, superior client service, and 24x7 application support. Our Software as a Service delivers advanced security solutions through an easy to use interface. For more information, visit http://www.honeyapps.com

About Tugboat Ventures
Tugboat Ventures is an early stage, lifecycle venture capital firm dedicated to serving the highest potential entrepreneurs and business innovators today. Tugboat invests significant time, energy and money behind a select number of entrepreneurs to assist them in building important, market leading companies. Tugboat's active involvement starts as early as concept stage and continues through public offering and beyond. Tugboat invests primarily in the San Francisco Bay Area and focuses on capital efficient companies in the areas of software infrastructure, enterprise software-as-a-service, consumer internet, mobility and cloud computing. Current and prior companies served by Tugboat's team include Blue Nile, Drugstore.com, Good, Imperva, PGP, RepairPal, richrelevance, ShopItToMe and SuccessFactors. For more information about Tugboat Ventures, visit http://www.tugboatventures.com

About Hyde Park Angels
Hyde Park Angels is an organization that provides a forum for entrepreneurial-minded members to invest in seed and early stage businesses, primarily located in the Midwest. HPA is a group of current and former executives, entrepreneurs, and venture capitalists who are interested in investing their time and money into outstanding startups. HPA also provides domain expertise, strategic advice and coaching to its companies. The Chicago-based Hyde Park Angel Network was founded in 2006 by a group of classmates from the University of Chicago Booth School of Business Executive MBA Program

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Ed Bellis

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