Founded on a dairy farm in rural Ireland, end-to-end encryption service Vaultree has raised $12.8 million in a Series A funding round. The startup allows for the processing of large amounts of data in the safest zero-trust environment without compromising on performance. The Series A capital will allow the company to beef up product development as it pushes forward with sales and marketing efforts.
Vaultree’s $12.8 million Series A round was co-led by London’s Molten Ventures and US-based Ten Eleven Ventures. The round saw additional support provided by cybersecurity company SentinelOne, Elkstone Partners, CircleRock Capital, Cyber Club London, and undisclosed cybersecurity experts. Building upon the company’s $3.3 million seed round, Vaultree has now raised $16.1 million.
With data breaches at an all-time high and new ransomware attacks on the rise across the board, the cat-and-mouse game that is cybersecurity scores a win for the white hats in Vaultree. The status quo relies on mechanisms that require decrypting sensitive data before processing. A process that leaves financial, cyber, privacy, legal and business exposed.
In contrast, 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, if you recall what Ravel Technologies is working on, Fully Homomorphic Encryption (FHE) at close to plaintext speed. What this means in the real world is that Vaultree has developed fully functional data-in-use encryption technology that’s able to protect data all of the time, whether in use, at rest, or in transit, with virtually no noticeable decline in performance.
“Our goal is to make this technology the new benchmark by which all data security is measured, bringing a new level of protection to enterprises worldwide, by rendering breaches and leaks powerless and irrelevant,” explained Vaultree co-founder Ryan Lasmaili. “This funding brings us closer to disarming data breaches and cyberattacks on a global scale; realising our vision of an encrypted tomorrow for all.”
As for realising that vision, the just-over-two-year-old startup is making great strides, not only in securing additional funding to move the goalpost but in a recently announced partnership launch with Google's AlloyDB to offer the first fully functional data-in-use encryption in the cloud.