Security company locks up funding

July 29, 2002 3:12 p.m. PT

Network security company Imperito has raised more than $4 million in the initial close of its third round of venture funding, the company said on Monday. Charter Ventures and BEV Capital co-led the round. Imperito plans to use the funds to expand its sales and marketing efforts, as well as to continue its development of security software and services, said Chief Executive Tim McElwee.

Santa Clara, Calif.-based Imperito plans to raise about $8 million in the funding round, which it expects to close in September, McElwee said. That would bring its total funding to about $28 million. Imperito, which has about 50 employees and counts Union Pacific railroad among its customers, expects to hit profitability in December, McElwee said.