Vaultree, a developer of encryption-as-a-service solutions, has bagged $3.3m in its seed funding round to help bring data protection into a new era.
The investment was led by Ten Eleven Ventures, with commitments also coming from Enterprise Ireland, Unpopular Ventures, HBAN and former Cisco chief security and trust officer John N. Stewart.
With the capital injection, the company hopes to further development of its market-ready product for end-to-end encrypted data protection. To support this growth, the company is looking to hire engineering, cryptography, sales, and customer facing talent.
Vaultree claims it is fostering a new era for data protection. It is doing so through its searchable, scalable, privacy-enhancing technology and encryption-as-a-service solutions. Its platform leverages enhanced searchable symmetric encryption and fully homomorphic encryption technologies so clients can freely access and use their data without needing to reveal encryption keys or data content.
Vaultree co-founder Ryan Lasmaili said, “We have achieved a major patent-pending technological breakthrough, which enables us to differentiate our solution in the competitive space with a solution approach that finally frees companies from making trade-offs between security and performance.
“This is rare to find in the complex cybersecurity solution field, which makes Vaultree interesting to investors and customers. It’s clear that we’ve created an easy-to-use, scalable solution for an ever-growing issue.”
Data protection has become one of the biggest urgencies for companies around the world. Not only have regulations like GDPR and CCPA called for it, but so have consumers. Over 80% of banking customers in the UK put data protection as their top priority, according to data from YouGov.
With such a high demand, it is no wonder the data protection sector is expected to be worth $103.8bn by 2027, according to research from Grand View Research.
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