Cybersecurity firm Cryptosense raises $4.8m to protect FinTechs from breaches

France-based cryptography lifecycle management platform Cryptosense raised $4.8m in funding.

The round was led by Amadeus Capital Partners with participation from BGV and Elaia Partners.

The company intends to use the funds to hire senior-level staff across the product and engineering teams, develop its partner program and further expand operations across the US.

Founded by Graham Steel in 2013, Cryptosense provides a cryptography management software platform that combines automated analysis across infrastructure and applications to provide insight into how cryptography is protecting sensitive data. It provides deep visibility and actionable insights that enable security professionals to protect against data breaches and ensure they remain compliant with the regulations in their industry.

The platform enables users to scan applications, filesystems, and network protocols giving a global, real-time, single-dashboard view of how cryptography is being used. Cryptosense integrates with AWS, Microsoft Azure, and Google Cloud, allowing control of the way sensitive data is encrypted in the cloud.

Steel said, “We’ve seen countless attacks on the world’s largest corporations that resulted in hundreds of millions of dollars in financial loss in recent years. Much of that data should have been protected by encryption, but it wasn’t, usually because of problems related to cryptography management.”

Building on the importance of a cybersecurity system, Amadeus’ Nick Kingsbury added, “As cybersecurity matures, CISOs are looking for solutions that give them visibility on their assets and controls. Until now, cryptography was an unobservable black box.”

BGV partner Sarah Benhamou said, “As the quantum computing sector continues to evolve faster than anyone could anticipate, today’s encryption standards will soon no longer suffice. Cryptography management is a relatively new yet clearly necessary category, and we believe Cryptosense has the unique ability to solve a problem that’s becoming increasingly evident within large organisations.”

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