Kiwi security developer raises expansion cash

SMX, a privately owned developer of internet security software has raised $1.67 million from investors, including Sam Morgan and Stephen Tindall.

Auckland-based SMX charges customers a monthly fee, based on the number of users. Spam and viruses are cleaned before they reach customer networks.

SMX said the $1.67m raised was its second fund raising round.

The company sourced an undisclosed investment from Mr Morgan's investment company Jasmine Investment Holdings.

Mr Morgan established his reputation by setting up internet auction site Trade Me, which he sold.

K1W1, an investment vehicle of The Warehouse founder Mr Tindall, and Endeavour Capital, a venture capital company also took part in the fund raising.

The money raised will be used to expand in offshore markets, including Australia and Japan.

"We're obviously delighted that savvy technology investors such as Stephen Tindall and Sam Morgan are prepared to back our international growth strategy," said managing director and co-founder Jesse Ball.

"We're also pleased that our first round investor Endeavour Capital has continued to express confidence in our progress and plans."

- NZPA