CipherStash, an Australian searchable data encryption cybersecurity startup, revealed today that it has successfully secured $3m in fresh capital.
According to Silicon Angle, the latest funding round was spearheaded by Skip Capital LLC, alongside SixThirty Ventures LLC. These funds are earmarked to amplify the startup’s digital security solutions. As cybercriminals employ increasingly intricate tactics, CipherStash is poised to bolster its defences against the likes of data breaches, identity theft, and other online menaces.
Established in 2022, CipherStash has carved out a niche with its advanced queryable encryption technology. Unique to this is the capability to maintain data encryption not merely when dormant but also during use. This speciality offers users unparalleled insights into the specifics – who, what, where, and when – of sensitive data access. Such insights remain visible even as the data migrates out of the core systems, empowering development teams to perpetually apply access controls.
CipherStash’s offerings come with a persuasive promise: “never worry about your sensitive data falling into the wrong hands again”. By ensuring data security even when disseminated across a company, CipherStash aims to uphold this commitment. Its service encompasses extensive integrations with various languages and databases, including PostgreSQL, MySQL, MongoDB, Vitess Microsoft SQL Server, and Cockroach DB. Furthermore, upcoming support for Rust, C#, and Golang is on the horizon.
CipherStash founder and chief executive Dan Draper remarked, “Our Encryption-in-Use technology provides a layer of defence that isn’t possible with current systems. Access controls can be applied more tightly and unwanted accesses are quickly identified, even as data moves across the organisation.”
Reflecting on the funding, Draper also noted the advantages of partnering with the involved investors, stating, “Having the Skip Capital team’s network and experience in scaling successful B2B businesses will help unlock new opportunities for us and SixThirty’s collaboration platform and Cyber and Privacy Advisory Board will be an invaluable resource as they understand all the unique challenges in this industry.”
Notably, this isn’t CipherStash’s maiden investment venture. Back in October 2021, the firm had procured $3.3m. The present round’s valuation remains undisclosed, but CipherStash hinted at it being nearly twice that of the 2021 round. The company’s prior investors consist of notable names such as AirTree Management LLC and US VC Nexus Venture Partners L.P.
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