Cloud data encryption company Vaultive, has completed an $8 million dollar financing round, led by .406 Ventures, New Science Ventures and Harmony Partners. The company will use the new funding to fuel continued growth, and advance its encryption platform for cloud data.
Vaultive also announced new additions to its executive team, including Jonas Hellgren as president and CEO, and David Kahan as CFO and general counsel. Hellgren brings a strong track record of building and scaling high-tech companies poised for growth. With more than 20 years of experience in business management and strategic development, Hellgren will focus on continuing Vaultive's growth in strategic markets where Vaultive's encryption technology is relied upon to secure critical data in the cloud.
Vaultive CTO Ben Matzkel and Maayan Tal founded the company in 2009. Matzkel and Tal are veterans of IDF technology units. The company is today headquartered in New York with its development offices in Tel Aviv.
Hellgren said, "This funding will enable us to strengthen our position as a leader in cloud data encryption - one of the hottest sectors in the technology market. The team at Vaultive developed and brought to market the most robust, enterprise-grade data encryption platform available. Organizations of all sizes - from Fortune 500 companies to SMBs - are now placing a premium on security, privacy, ownership, and control of their data. Customers using Vaultive's platform assert they could not have migrated their critical data to the cloud without Vaultive. With the additional funding we will focus on operational execution, accelerating growth, and scaling our business."
Vaultive's platform enables customers to take advantage of the flexibility and productivity benefits of cloud-based services, while ensuring that only authorized users can gain access to cloud data. Vaultive accomplishes this through persistent encryption of data throughout its entire lifecycle while maintaining the cloud application's native functionality, and by providing direct control of the encryption keys to either the customer or a trusted third party. As a result, any breach or disclosure at the cloud service provider will yield only encrypted, unintelligible characters. .406 Ventures managing director Maria Cirino said, "Organizations across the globe are growing increasingly concerned about the ownership and control of data they send to cloud service providers, and Vaultive has brought to market a solution that can ease those concerns without sacrificing the cost and flexibility benefits of the cloud. Global organizations rely on Vaultive's platform to neutralize the risks associated with unauthorized disclosures, compliance and evolving data residency requirements. We believe that the combination of industry-leading technology, market opportunity and a proven leader with a strong operational track record will enable Vaultive to capitalize on this enormous market opportunity."
Published by Globes [online], Israel business news - www.globes-online.com - on January 22, 2015
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