Vaultree has closed a $12.8 million dollar Series A to continue building our breakthrough solution
Here's why our $12.8 million funding round is a major development not only for us, but for the world of data privacy
We are proud to announce a major development for data privacy. Vaultree recently closed a $12.8 million dollar funding round that will drive the continued development of our truly game-changing product: the world's first Fully Functional Data-In-Use Encryption toolkit. Addressing the industry’s fundamental security issue — exposed and vulnerable data — our solution enables persistent data encryption, even in the event of a leak, rendering ransomware powerless and making data breaches irrelevant.
Backed by key players in the field, our Series A was led by Molten Ventures together with Ten Eleven Ventures. Other investors include top global cybersecurity company SentinelOne, along with Elkstone Partners, CircleRock Capital and Cyber Club London.
We are honoured to have the support of some of the most trusted and prominent names in cybersecurity, and we’re excited for the future of Data-in-Use Encryption as we look to build a safer and more secure society.
In the words of Vaultree Co-founder and Chief Operating Officer, Tilo Weigandt:
“Data privacy should be a fundamental human right. With the technology we have available today, it should not be that easy for criminals to find and misuse our personal information.”
Perfecting our product
Organisations that handle sensitive data are facing unprecedented challenges; ransomware attacks occur every 11 seconds! Customer demand is accelerating for Vaultree’s Data-in-Use approach to encrypting and processing all data from end-to-end.
Our solution addresses the biggest issue today: data is being exposed in plaintext during data breaches and leaks. The Vaultree approach allows companies to analyse and use encrypted data without ever needing to decrypt it. Ours is a truly fully encrypted approach that ensures that, even if the first line of defence fails (firewalls, API and app security, vulnerability trackers, etc.), data is fully encrypted and useless to intruders in the event of a leak.
We will use proceeds from this funding round to advance sales, marketing and product development of our Data-in-Use Encryption technology, rolling out faster feature releases, added functionalities, bolstered security, service readiness and tech support for a growing pool of dedicated users. Key to our growing popularity among security professionals is the ability to integrate Vaultree’s Data-in-Use Encryption solution without major technology or platform changes and without sacrificing performance for speed. This means streamlined operations and fewer headaches for CISOs and other security professionals.
Power to the CISOs…and other security professionals
We want our users to have the best experience possible. Our technology solves the limitations around the processing of fully encrypted data at scale with fantastic operational performance. We want to continue to make our solution the easiest and fastest platform our partners have ever used.
Vaultree’s end-to-end encryption makes it possible to work with fully encrypted data without the need to decrypt the information or surrender security keys. The solution enables Searchable (SE) and Fully Homomorphic Encryption (FHE) at close to plaintext speed – a major leap forward in the secure, scalable processing of data. Unlike common data-at-rest or data-in-transit security controls, Vaultree has developed Fully Functional Data-in-Use Encryption technology to protect data all of the time — whether in use, at rest or in transit — with no noticeable decline in performance.
Our partnership launch in October 2022 with Google's AlloyDB allows users to run Vaultree’s Fully Homomorphic and Searchable Encryption technology in the cloud, with capabilities to choose what to encrypt, and manage their own keys with zero learning curve or changes to the existing query languages, data structure, architecture, network topology, or policies and/or permissions.
Impacting every industry
Industries including healthcare and financial services and any enterprise where data is processed, will benefit immensely from Vaultree’s SE and FHE technologies, which eliminate privacy concerns inherent in sharing sensitive data such as medical records or credit card details.
For example, predictive analysis in healthcare can be difficult to apply via a third-party service provider due to medical data privacy concerns, but if the provider can operate on encrypted data instead, the risk of exposure is mitigated. And even if the service provider's system is compromised, the data would remain secure. In addition to safeguarding sensitive data, this breakthrough in encryption could represent substantial cost savings for enterprises and government institutions. With the average cost of a data breach in the United States estimated at $9.44M, the impact on national and global economies could be profound.
The economic impact could also not be more timely for IT leaders in need of a cost saving encryption solution that upgrades performance, implementation, integrations and future innovation by using Vaultree.
Expanding the dream team
We are mathematicians, physicists and engineers, dreamers and out of the box thinkers on a mission to block breaches and disarm leaks — and we are planning to add to our ranks. Our funding will enable us to build out our team and hire for highly skilled technology roles ranging from very strong full stack engineers, low-level and Rust engineers, DevOps, QA, mathematicians and physicists with a passion for encryption, along with various other roles.
Vaultree’s game plan for 2023 is to significantly scale our solution with the mission to make “databases a safe place” through encryption. Our goal is to continue to empower more organisations to unlock the potential of encrypted data and enable the impossible.
As our co-founder and CEO Ryan Lasmalli told TechCrunch:
“Most companies encrypt data at rest on their server, often sacrificing security for performance speeds to do so. However, when their employees, customers and partners use data in apps, it’s unencrypted and vulnerable. Unencrypted data is shared with third-party companies, creating even more cyber vulnerabilities.”
We are grabbing that problem at its root, going straight to fully encrypted data processing in live production database environments. Vaultree’s vision is a paradigm shift in cybersecurity, enabling an unparalleled layer of defense from cyber threats and breaches and this funding brings us all one giant leap closer to a truly encrypted tomorrow.
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