Pretty Good Funding For Pretty Good Privacy Startup

Aug 25, 2002 (08:08 PM EDT)

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The popular encryption software Pretty Good Privacy, or PGP, got a reprieve from extinction last week when startup PGP Corp. raised $14 million in venture funding. PGP software is used to encrypt files and E-mails.

Network Associates, which acquired the rights to the technology five years ago, stopped supporting most of the PGP product line because of lagging sales. The startup, which was formed in June, bought PGP Mail, PGP File, PGP Disk, and PGP Admin for Windows, as well as versions of PGP for the Mac OS and Solaris operating systems, and PGP Mobile for handhelds from Network Associates.

PGP plans to ship new versions of the products in November, providing support for Mac OS X and Windows XP. The company says it will publish the next version as open source, and PGP technology will remain free for personal use. The startup also will assume all PGP customer licenses from Network Associates.

DCM-Doll Capital Management and Venrock Associates provided the funding.

Phil Zimmermann, who released PGP in 1991, will be on the startup's technology advisory board.