Vaultree’s success showcases high demand for its real-time, breach-disarming, encryption solutions
The company’s rapid growth validates its Fully Functional Data-In-Use Encryption solution
CORK, Ireland – April 20, 2023 – Vaultree, the leader in Data-In-Use Encryption, is demonstrating dynamic momentum and robust growth with a series of high-profile milestones. These include a successful $12.8 million series A funding round, a partnership with Google AlloyDB, selection as the only Irish recipient of the European Innovation Council (EIC) grant and the appointment of renowned tech industry veteran Rinki Sethi to its board of directors. In addition, Vaultree recently won three Cybersecurity Excellence Awards and looks forward to exhibiting at Black Hat USA this August.
Customer acquisition spanning multiple industries is a vital component of Vaultree’s success. The release of its Data-in-Use Encryption for Google's AlloyDB, in October of 2022, brings its technology to a wide audience of enterprise customers. As a launch partner with Google’s AlloyDB, the offering pairs the world's first Fully Functional Data-in-Use Encryption solution powered by Vaultree with Google's AlloyDB for PostgreSQL. Users are now able to run Vaultree’s Fully Homomorphic and Searchable Encryption (FHSE) technology in the cloud, representing a breakthrough in encryption standards to enable next generation encryption and data protection. In March 2023, Vaultree successfully achieved Google Cloud Ready - AlloyDB designation for AlloyDB for PostgreSQL, Google Cloud’s newest fully managed PostgreSQL-compatible database service for most demanding enterprise database workloads.
In an earlier partnership win, quantum security company Qrypt made waves at RSA Conference 2022 by announcing a new integration of its Secure Proxy solution with Vaultree‘s fully encrypted data processing technology. This partnership incorporates Qrypt’s unique key generation with a one-time pad proxy tunnel, to deliver everlasting key and data security in Vaultree’s SDK. The partnership makes fast, future secure data processing in a cloud-first world possible.
Building on the partnerships, Vaultree announced in December 2022 that it had completed a $12.8 million series A growth investment round, bringing the total amount of money raised by the business to $16.1 million. Building on Vaultree's $3.3 million October 2021 seed round, Molten Ventures and Ten Eleven Ventures led the series A financing. SentinelOne, a leading name in international cybersecurity, Elkstone Partners, CircleRock Capital and Cyber Club London are among the additional A-round backers. In addition to continuing to grow its teams of cryptographers, mathematicians, and encryption experts, Vaultree will use the proceeds from this funding round to progress sales, marketing, and product development of its Data-in-Use Encryption technology.
Vaultree kept up its winning streak in January 2023, when the European Council invited the company to join its EIC Accelerator program, which awards the most innovative companies in Europe through a combination of grants and equity investment. Beating out hundreds of companies via a highly selective and rigorous evaluation process, Vaultree was chosen as the only Irish start-up to make the latest cohort and is among 16% of successful applicants that will receive the prestigious grant. Vaultree was also named the Gold Winner in the "Best Cybersecurity Startup", “Best Cybersecurity Product - Encryption” and "Cybersecurity Software Industry Solution" categories for the Cybersecurity Excellence Awards, which recognize companies, products and professionals that demonstrate excellence, innovation and leadership in information security.
In another milestone move, in February of 2023 the company bolstered its board of directors with tech industry luminary, Rinki Sethi. Joining the Vaultree Board to lend her expertise to the company’s next stage of development, Sethi brings decades of security and technology leadership, including her recent roles as VP and CISO at Twitter and Rubrik, Inc. to Vaultree. Sethi has been at the forefront of developing cutting-edge online security infrastructure at several Fortune 500 companies such as IBM, Palo Alto Networks, Intuit, eBay, Walmart.com and PG&E. Sethi also serves on the board of ForgeRock, a global digital identity leader. She advises many other startups and VCs.
“I am in awe of the progress we’ve made and the milestones we’ve achieved through the hard work of our team,” said Ryan Lasmaili, co-founder and CEO of Vaultree. “These achievements are instrumental in fulfilling Vaultree’s mission to make data protection a human right.”
Vaultree has developed the world’s first Fully Functional Data-in-Use Encryption solution that solves the industry’s fundamental security issue: persistent data encryption, even in the event of a leak. Vaultree enables enterprises, including those in the financial services and healthcare / pharmaceutical sectors, to mitigate the great financial, cyber, legal, reputational and business risk of a data breach in plain text. With Vaultree, organizations process, search and compute ubiquitous data at scale, without ever having to surrender encryption keys or decrypt server-side. If a leak occurs, Vaultree’s Data-In-Use Encryption persists, rendering the data unusable to bad actors. Integrating Vaultree into existing database technologies is seamless, requiring no technology or platform changes. Vaultree is a privately held company based in Ireland and the U.S. For more information, please visit www.vaultree.com.