Headquarters: Burlingame, Calif.
CEO: Devin Redmond. Before Social IQ/Nexgate, he served as the global Vice President for Product Management, Corporate Development, Business Development and Marketing at Websense.
Founded: April 2012
Funding: Just recently (on April 9), Nexgate closed a $3.5 million Series A round from Sierra Ventures. This builds on the $1 million in seed funding they previously secured from Windforce Ventures, Deepak Kamra of Canaan Partners and other angel investors.
Why they're on this list: The biggest problem with social media in the enterprise is that it's become a central communication channel for businesses, yet there is a complete lack of governance surrounding it. Many brands own and run hundreds of accounts on social networks. Unlike other communication channels and infrastructure, enterprises don't have visibility into most of these accounts, nor can they enforce unified security, compliance, and acceptable use policies on them.
We've seen plenty of instances of social media missteps blowing up in a brand's face, such as the Gap's Hurricane Sandy fiasco. Fixing that problem is a big deal.
Once Nexgate's suite of cloud-based services discovers social media accounts, it helps companies audit them and wrap policies around them. This helps companies protect their brand-run accounts and applications on the social Web. The suite integrates directly into social networks to help enterprises deal with social account sprawl, account auditing, account access protection, application control and content control across security, compliance and acceptable use.
Nexgate comes with preconfigured policies that regulate data and applications and enforce archiving. Two newly added policies automatically detect anything that may run afoul of new FDA regulations for pharmaceutical companies and FINRA regulations for financial firms.
Market Potential and Competitive Landscape: The social media security market is starting to heat up. Nexgate will compete with other startups, such as Actiance and SocialWare, and don't be surprised when incumbent security vendors move into this space.
Customers include Backroads Travel, Imperva, City of Memphis, Conrad Caine, Dome9, Porticor, Rosetta Stone, and WatchDox.
What they do: Provide a tool that measures social media influence, one that tries to measure the quality of a person's contributions to social media networks rather than just how frequently that person posts and how many followers he or she has attracted.
Headquarters: New York, N.Y.
CEO: Mike Fabbri, who formerly worked as a social media strategist for several luxury brands at advertising agencies Carat and Vizeum.
Founded: March 2011
Funding: $500,000 in seed and angel funding. Investors include Frank V. Sica and Allen Cutler.
Why they're on this list: We've found that often, a high Klout score (Klout being a competitor) is almost invariably associated with the most annoying people in a particular network, those who compulsively overshare. An alternative tool, one that focuses instead on quality, is therefore a good idea.
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