SAN FRANCISCO, Jan. 28, 2015 (GLOBE NEWSWIRE) -- Square 1 Bank, the premier banking partner to entrepreneurs and the venture capital community, today announced that it has provided a $3 million credit facility to Distil Networks, Inc., the global leader in bot detection and mitigation. Proceeds of the credit facility will help to support Distil's recent expansion to the West Coast as well as the Company's future growth initiatives as they continue to provide their solution to enterprises around the world.
Founded in 2011, Distil Networks strives to make the web safe by blocking bots, or automated computer programs, which are harmful to websites and personal and enterprise computer systems. To date, the company has blocked over 30 billion bad bots and counting, effectively mitigating against duplicate content, web scraping, competitive data mining, account hijacking, form spam and click fraud.
"Square 1 clearly understands our mission and the technology industry as a whole," said Distil's co-founder and chief executive officer, Rami Essaid. "This partnership will no doubt strengthen our capacity to provide fast and secure bot-blocking solutions to companies worldwide."
Zack Mansfield, vice president in Square 1 Bank's Southeast technology practice, stated, "When I first met Rami, he had great vision for a solution to malicious bots; however, the company was in pre-product stage and had not yet raised any capital. In the years since, the Distil team has consistently proven themselves to be excellent entrepreneurs capable of executing their vision. It has been a privilege to partner with them in their journey."
"Distil Networks is a growing company in the bot-detection space, and Square 1 Bank is pleased to expand our relationship with the Company and their investors with this credit facility," added Ron Kundich, founder and senior vice president of Square 1 Bank. "Partnering with top-tier management teams backed by top-tier investor syndicates allows the bank to offer innovative credit facilities that help companies like Distil with their current and long-term needs. We look forward to supporting their growth for years to come."
About Square 1 Bank
Square 1 Bank is a full service commercial bank dedicated exclusively to serving the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion. Square 1's expertise, focus and strong capital base provide flexible resources and unmatched support to meet our clients' needs. Square 1 has offices coast-to-coast in Austin, the Bay Area, Boston, Chicago, Denver, Durham, Los Angeles/Orange County, New York, San Diego, Seattle and Washington, DC. For more information, visit www.square1bank.com.
About Distill Networks
Distil Networks, the global leader in bot detection and mitigation, offers the most automated and accurate way to identify and police malicious website traffic, blocking 99.9% of bad bots without impacting legitimate users. Distil protects against web scraping, competitive data mining, account hijacking, form spam and click fraud while slashing the high tax that bots place on your internal teams and web infrastructure. For more information on Distil Networks, visit us at www.distilnetworks.com or follow @DISTIL on twitter.
CONTACT: Media Contact: Square 1 Bank Dee McDougal 919.597.7479 firstname.lastname@example.org
Source:Square 1 Financial