Vaultree, a cybersecurity firm, has raised a $12.8 million series A round led by Molten Ventures – along with Ten Eleven Ventures.
Vaultree offers encryption services that allow for the processing of large amounts of data, including in financial services. In the event of a leak, Vaultree’s data-in-use encryption persists, rendering the data unusable for perpetrators.
Vaultree raised $3.3 million in a seed round, bringing the company’s funding to around $16 million. Additional A-round investors include top global cybersecurity company SentinelOne, along with Elkstone Partners, CircleRock Capital, Cyber Club London and cybersecurity experts
Along with product development and securing research and patent registrations, the funds will be used to boost staff and improve upon services.
Vaultree states that with data breaches at all-time highs, including ransomware attacks, there is a profound need for superior security services.
Ryan Lasmaili, CEO and co-founder of Vaultree, said:
“Our Series A is a testament to our team’s hard work, perfecting our cutting-edge breakthrough: the world’s first fully functional searchable encryption (SE) and fully homomorphic encryption (FHE). Vaultree’s Fully Functional Data-in-Use Encryption technologies empower enterprises with a user-friendly, simple-to-integrate and fully scalable solution without all the hurdles normally associated with FHE and SE. 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. This funding brings us closer to disarming data breaches and cyberattacks on a global scale; realizing our vision of an encrypted tomorrow for all.”
Edel Coen, Principal at Molten Ventures said that for too long we have accepted that data security and usability are fundamentally incompatible.
“With its next-generation encryption technology, Vaultree is proving that to be false. The problem Vaultree solves is significant and the market for data security is one which will continue to grow. We are excited to work with this exceptional team as they embark on the next phase of their journey.”
