Corero Network Security has announced that the company has received $7.2 million (GBP 4.56 million) of funding.

“This new equity allows Corero to further penetrate the network security market and ensure that it is well placed to fully exploit opportunities in network security, an area which is becoming ever more relevant to businesses in light of increasing cyber attacks," said Jens Montanana, chairman of Corero Network Security plc. "The Board was very encouraged by the level of institutional interest in this fundraising. Corero has the technology to offer viable and proven solutions to enterprises.”

Corero will be able to invest in sales and marketing with this new funding, the company has announced. With this new funding, the company can work towards growing its current market relationships and increase brand awareness, integral parts of the marketing plan for any company these days. Corero will also be able to focus on its organic growth plans for the coming years with the help of this new funding, the company stated in a press release.

Corero Network Security provides Distributed Denial of Service (DDoS) defense and Intrusion (News - Alert) Prevention System (IPS) solutions. The recent fundraising initiative by the company has attracted some new investors along with the existing institutional investors. The company has stated that this new funding is subject to approval of shareholders.

Recently, the company announced that Web hosting provider Applied Innovations has selected Corero's IPS technology to protect its 35,000 customer Web sites from sophisticated exploits that threaten the business of eCommerce companies.