CryptoMove, a California-based startup looking to revolutionise cybersecurity, has closed a $6m in Series A funding round.
Social Capital, a venture capital firm founded by ex-Facebook executive Chamath Palihapitiya, led the round, which comes 12 months after the company emerged from stealth.
CryptoMove is also backed by Draper Associates, Pathbreaker Ventures, Reddog Capital and 408 Ventures. It intends to use the fresh capital to expand operations, continue to develop its solutions and its business reach.
Led by CTO Boris Burshteyn and CEO Mike Burshteyn, CryptoMove is a decentralized datastore that protects data with dynamic movement, mutation, fragmentation, and re-encryption according to its website.
The world is increasingly storing sensitive information, critical processes, and in some cases their livelihoods across a decentralized web of millions of datastores. Securing that data has become essential to enabling the next generation of innovation, but also to protecting the billions of people who trust companies and institutions with sensitive information.
Social Capital partner Adam Nelson said: “This dynamic is driven by a fundamental and devastating asymmetry in the fight to stay ahead of attackers. Attackers are a decentralized and moving target: difficult to find, detect, and stop. Defenses, meanwhile, are a centralized and stationary target: easy to study, breach, and exfiltrate.
“This provides adversaries with opportunities to evade detection, study data infrastructure, and plan attacks. It’s a game rigged in favor of attackers. To even have a fighting chance, we must rethink security strategy itself. That’s why we at Social Capital are so excited about leading the Series A investment in CryptoMove.”
Boris, CryptoMove’s founder and CTO, invented the technology while working on a new distributed programming language, Hello. The company is helping leading enterprises in the Fortune 500 as well as federal agencies protect data with moving target defense in decentralized infrastructure. Its a growing business with clients including the US Department of Homeland Security, and French bank BNP Paribas.
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