Startup Distil Networks of Arlington, Va., which was founded by a trio of N.C. State University grads and recently opened a Triangle office, has raised $10 million in new funding.
The new round of funding, which boosts Distil's total funding to date to nearly $13 million, includes money from IDEA Fund Partners of Durham, which previously invested in the Internet security software firm.
Founded in 2011, the 27-employee company will use the new funding to expand its sales and marketing and research-and-development teams.
"With the nature of our product, we are always going to have to direct a lot of resources to R&D and engineering," said co-founder and CEO Rami Essaid. "It's an arms race we're going to have to stay on top of."
Rami Essaid said that the company, whose revenue has been jumping 20 percent per month in recent months, has targeted expanding to between 40 and 50 workers by the end of this year.
Distil opened a Raleigh office in late February that currently has five employees and is expected to expand to 10 by the end of the year. It's currently in temporary space in the HQ Raleigh incubator in the city's Warhouse District while the company looks for a permanent location.
Distil also announced in conjunction with its new funding that it is opening another office in San Francisco.
Distil's software identified whether humans or malicious, automated computer programs called bots are accessing a website — protecting the site from click fraud and preventing content and data from being siphoned off, among other things. It works in the background and, according to the company, is more effective and less intrusive than the CAPTCHA system that requires visitors to a website to read squiggly-line text and then type it in order to gain access.
The company was founded by Essaid, Engin Akyol, the company's chief technology officer, and Andrew Stein, chief scientist. All went to N.C. State together and Essaid and Akyol were boyhood friends in Cary.