Silent Circle Valuation, Funding & Investors

Silent Circle is valued at $262M as of February 2015.

Last Silent Circle valuation

$262M

Series B · Feb 2015

Last Silent Circle funding round

$50M

Series C · Jul 2016

Cumulative funding Silent Circle raised

$130M

across 3 funding rounds

Key investors in Silent Circle

  • Ross Perot
  • Cain Capital

Silent Circle Overview

About Silent Circle

Silent Circle is a Herndon-headquartered provider of end-to-end encrypted communications via its Silent Phone app and enterprise platforms. Services encompass secure voice, video calls, messaging, and file transfers on iOS, Android, and desktop. The company powers encrypted networks for government agencies and corporations, integrating with hardware like Blackphone devices. Silent Circle maintains data centers in Switzerland and the United States for privacy compliance.


Founded

2012

HQ

United StatesBaltimore, MD

Status

Privately held

Customer focus

B2B & B2G

Revenue model

Subscription

Valuation

$262M (Feb 2015)

Silent Circle Valuation

Silent Circle is currently valued at $262M, based on its Series B in February 2015.

Silent Circle valuation by funding round

Silent Circle valuation by funding round
DateStageValuation
Feb 2015Series B$262M

Silent Circle Funding History

Silent Circle has raised a total of $130M across 3 funding rounds.

Silent Circle's first fundraising round was a $30M Series A in May 2014. The most recent completed round was a $50M Series C in July 2016.

Silent Circle funding rounds

Silent Circle funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jul 2016Series C-$50M-Silent Circle, a pioneer in mobile privacy and encryption communications based in Geneva, raised $50 million in Series C funding led by Santander Bank on July 15, 2016. The company developed an integrated suite of secure enterprise communication products including encrypted calling plans, messaging services, and the Blackphone, a privacy-focused Android smartphone. The funding was allocated toward eliminating debt, expanding product development, customer service, business development, and marketing activities. The investment also marked the acquisition of Silent Circle's joint venture stake in SGP Technologies, with the company completing a buyout of Geeksphone's 50% ownership to gain full control of the Blackphone product line. According to ABI Research cited in the announcement, the mobile privacy market was expected to double by 2021, with secure mobile revenues projected to exceed $19 billion globally, generating more than 20% from secure voice and secure messaging. However, court documents revealed that Blackphone hardware sales had significantly underperformed, with expected orders of 250,000 units failing to materialize, which had forced the company to dramatically restructure its business plan earlier in 2016, including cost reductions of approximately 50% and termination of dozens of employees.
Feb 2015Series B-$50M$262MSilent Circle, a pioneer in mobile privacy and secure communications, develops products like the Silent Phone app for encrypted calling, messaging, and file sharing, and the Blackphone, a security-focused Android smartphone. The company focuses on enterprise and government clients needing secure mobile solutions, positioning itself as a leader in the growing mobile privacy market expected to exceed $19 billion in secure mobile revenues by 2021 according to ABI Research. In February 2015, Silent Circle closed a Series B funding round. This followed a prior Series A in May 2014 and preceded a $50 million Series C in July 2016 led by Santander Bank and Mouro Capital, bringing total funding to $130 million across rounds. Traction included expanding enterprise and government engagements, but challenges emerged with the Blackphone sales underperforming, leading to cost cuts and debt renegotiation. Court documents from a dispute with former partner Geeksphone revealed efforts to raise additional funds in 2016 to achieve cash-flow positivity, highlighting operational strains post-2015. Investors like Cain Capital and Ross Perot Jr. backed earlier rounds, with Bob Ackerman joining the board in the Series C. The funding supported product development, customer service, marketing, and debt elimination, amid competitive pressures in cybersecurity.
May 2014Series ACain Capital (lead); Ross Perot (lead)$30M-Silent Circle, a developer of private encrypted communications solutions including apps for text, voice, video, and file transfer, as well as the Blackphone secure smartphone developed with Geeksphone, raised $30 million on May 21, 2014, in its first external funding round co-led by Cain Capital and Ross Perot Jr. The funding was driven by post-Snowden demand for privacy tools, with proceeds aimed at accelerating growth, meeting overwhelming demand for Blackphone (priced at $629 unlocked, pre-orders started February 2014, shipping June 2014), and expanding in secure comms markets especially outside the U.S. The company, co-founded by ex-Navy SEAL Mike Janke and PGP creator Phil Zimmermann, relocated its HQ from Nevis to Switzerland for better privacy laws and business advantages. Investors added expertise: Ross Perot Jr. and Sir Peter Bonfield (ex-BT CEO/chairman) joined the advisory board; Anurag Jain (ex-Dell exec, Perot partner) became vice chairman. Silent Circle served customers in over 130 countries, 23 Fortune 50 enterprises, and governments from 11 nations including U.S. Navy SEALs, UK, and Canadian special forces, positioning it for both consumer pro-sumers and high-stakes enterprise/government use amid global surveillance concerns. Blackphone later faced sales challenges, with a Geeksphone lawsuit revealing expectations of 250,000 units but flop performance, leading Silent Circle to buy out the JV in a subsequent $50M raise focused on enterprise.

Who has invested in Silent Circle?

2 investors have backed Silent Circle across its funding rounds, including Ross Perot and Cain Capital.

Lead investors include Cain Capital and Ross Perot.


Silent Circle Investors

Investors in Silent Circle by funding rounds participated
InvestorHQRoundsRoleFirst check

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Acquisitions by Silent Circle

Silent Circle has acquired 2 companies to date.

Last acquisition by Silent Circle was on September 13th 2017. Silent Circle acquired Kesala for undisclosed valuation.


Latest Acquisitions by Silent Circle

Kesala
SGP Technologies SA
Description
Kesala is a cybersecurity firm offering GoSilent, a portable device that functions as a mobile firewall, Wi-Fi hotspot, and VPN service with AES-256 government-grade encryption. San Francisco-headquartered, the product blocks cellular tracking, creates secure networks, and supports unlimited bandwidth without subscriptions. Kesala targets journalists, activists, and executives needing protection from surveillance in high-risk environments.
Switzerland-based SGP Technologies SA manufactures secure smartphones under the Blackphone brand. It developed the Blackphone 2, featuring end-to-end encryption, privacy vault, and hardened Android OS for enterprise and government users. The company collaborated with Silent Circle to integrate subscription-based secure communication services. Operating from Zug, SGP Technologies targeted high-security markets with devices shielding against surveillance and malware.
HQ CountryUnited StatesSwitzerland
HQ City
Baltimore, MD
Geneva
Deal Date13 Sep 201726 Feb 2015
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Silent Circle Competitors

Silent Circle competitors include listed companies like CM.com, 8x8 and Cy4gate, and private ones like Virtru, AU10TIX and NYM Technologies SA.

Public and private companies comparable to Silent Circle
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
VirtruUnited StatesWashington, DCPrivate--$500M-
CM.comNetherlandsNetherlandsPublicly listed$299M$29M$264M1.1x
AU10TIXNetherlandsAmsterdamPrivate--$260M-
8x8United StatesUnited StatesPublicly listed$736M$52M$260M0.7x
NYM Technologies SASwitzerlandNeuchâtelPrivate--$270M-
Cy4gateItalyItalyPublicly listed$109M$19M$271M2.1x

Silent Circle Public Comps

Silent Circle is still privately-owned, but its public comps include CM.com, 8x8, Cy4gate, Streamwide, NCC Group, Text SA, Netcall, Mia Teknoloji, Arqit Quantum and WALLIX.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
CM.com$299M$29M1.2x1.1x11.9x12.8x
8x8$736M$52M0.7x0.7x10.2x5.7x
Cy4gate$109M$19M2.6x2.1x14.9x10.4x
Streamwide$30M$16M8.6x8.2x15.8x14.0x
NCC Group$321M$11M1.1x1.0x32.5x8.4x
Text SA$87M$41M2.9x2.9x6.3x6.0x
Netcall$64M$11M4.1x3.3x24.8x15.5x
Mia Teknoloji$57M$3M5.5x-95.8x-

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Common questions about Silent Circle

When was Silent Circle founded?Silent Circle was founded in 2012.
Where is Silent Circle headquartered?Silent Circle is headquartered in Baltimore, MD, United States.
Is Silent Circle publicly listed?No, Silent Circle is a private, VC-backed company.
What is Silent Circle's valuation?Silent Circle was last valued at $262M in its Series B in February 2015.
How much funding has Silent Circle raised?Silent Circle has raised $130M across 3 funding rounds.
What was Silent Circle's last funding round?Silent Circle's last funding round was a $50M Series C in July 2016.
Who are Silent Circle's investors?Silent Circle's investors include Cain Capital and Ross Perot.
Which companies are comparable to Silent Circle?Companies comparable to Silent Circle include Virtru, CM.com, AU10TIX, 8x8, NYM Technologies SA and Cy4gate.
How many companies has Silent Circle acquired?Silent Circle has acquired 2 companies, including Kesala and SGP Technologies SA.

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