ALTR collects $15m for blockchain-based cybersecurity solution

ALTR, a cybersecurity platform looking to unleash the benefits of blockchain, has emerged from stealth with $15m in funding.

The funding has come from institutional and private sources in the cybersecurity, IT, and financial-services industries, including participation by angel John Stafford III, current CEO of Ronin Capital.

Having emerged from nearly four years of stealth, the company intends to use the funds to extend the reach of its platform into the enterprise and bring additional products and solutions based on its proprietary blockchain technology to market.

ALTR’s platform is built on ALTRchain, high-performance, enterprise-grade blockchain technology for ultra-secure data access and storage. It claims to be ‘virtually impenetrable to attack’, providing a data-security solution for organisations to monitor, access and store critical information.

The ALTR platform applies blockchain’s virtually inviolable structure to data security. It is designed to eliminate threats to data through core approaches in private blockchain, in-line data techniques, real-time alerting and reporting for business enablement.

CEO David Sikora said: “Three things are necessary to restore trust around data usage. It is crucial to see and understand access needs and to share this view among executives and IT so that everyone knows the truth. There also needs to be a means to cut off access when it is inappropriate or defies policy, and to protect data in a way that reduces or even eliminates the ability to steal it.”

With a host of new risk and compliance challenges, stemming from a growing corpus of complex regulations such as GDPR, ITAR/EAR, NIST, and other mandates, organisations need to get more focused on the handling of data and its protection.

The ALTR platform is comprised of ALTR Monitor, ALTR Govern and ALTR Protect and seamlessly integrates into computing networks without any changes to existing hardware or software infrastructure.

ALTR Monitor provides detailed intelligence on all data-access activities with reporting that describes data the way business stakeholders do. ALTR Govern for data-access governance makes it possible to control how individuals access business applications. ALTR Protect for data-at-rest protection decentralises sensitive data, breaking it into pieces and storing it across a private blockchain.

The company launches with a board of advisors from the software and cybersecurity industries.  The board of advisors includes Mike Maples, a lauded former software executive at tech giants IBM and Microsoft, and Fred Burton, the former deputy chief of the counterterrorism division at the U.S. Diplomatic Security Service.

It also includes Michael Hermus, who recently served as CTO of the U.S. Department of Homeland Security, and John Swainson, who previously led Dell’s software group and is a past CEO at cybersecurity titan CA.

Copyright © 2018 FinTech Global

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