Google And Others Invest Secured Messaging App For Enterprises, Symphony

One of the company’s backers was Google, joined by Merus Capital, Natixis, Lakestart and Societe Generale UBS.

Symphony raised million a year ago from a consortium of 15 financial institutions that included Goldman Sachs, Morgan Stanley, Blackrock, JPMorgan and others.

Investors in the latest round include Google, UBS, Société Générale and Silicon Valley venture capital firms, the company said.

Symphony’s messaging platform works on the cloud.

The new round means that Symphony’s total funding now stands north of $165 million, while the company itself is now valued at a few $650 million, Re/Code reports.

“The market is volatile, and people are cautious right now, but in spite of those conditions, investors allowed us to get more money than we wanted”, Gurle said, adding that the amount that the company was able to raise is a testament to what Symphony has been doing. Its launch press release had a strong emphasis on the business need for a useful communications tool that meets security and regulatory requirements.

Symphony’s Wall Street backers are seeking to challenge communications and data firms including Bloomberg News parent Bloomberg LP and Thomson Reuters Corp.

Symphony’s funding round comes a month after the company, as well as four banks, agreed to beef up its paper trail so regulators can keep tabs on bankers without tipping them off. Google’s struggles in social media has been well documented, with the relative failure of Google+, and that could be why the company is looking outward for investment opportunities in the space.

The enterprise communications and collaboration market is very crowded, with competitors ranging from big names like Microsoft with Skype to well-known startups like Jive, so it’s notable when a new entrant like Symphony grabs the attention of the likes of Google.

“The team at Symphony is revolutionizing the way the business world communicates”, said Salman Ullah, co-founder and managing director, Merus Capital.