CORK, Ireland – December 7, 2022 – Vaultree announced today that it has closed a $12.8 million series A growth investment round, bringing the company’s total funding to $16.1 million. The series A investment is led by Molten Ventures together with Ten Eleven Ventures, and builds on Vaultree’s October 2021 seed round of $3.3 million. Additional A-round investors include top global cybersecurity company SentinelOne, along with Elkstone Partners, CircleRock Capital, Cyber Club London and prominent cybersecurity experts. Vaultree will use proceeds from this funding round to advance sales, marketing and product development of its data-in-use encryption technology.
With data breaches at an all time high and new ransomware attacks on the rise in virtually every industry, the need for a security breakthrough is more urgent than ever. Current solutions rely on decrypting sensitive data in order to process it, in turn resulting in significant financial, cyber, privacy, legal and business risk in the event of a leak.
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.
With data in a persistent state of encryption, even when breaches happen and firewalls and other tools in the first line of defense fail, the data that bad actors are able to extract is undecipherable and therefore useless to them. Data-in-use encryption aligns exactly with the principle of zero trust; processing encrypted search and computations over data utilizing standard hardware without ever having to decrypt at the server level. As the new standard for encryption for enterprise, Vaultree’s offering shifts the focus from superficial to foundational security.
“Our series A is a testament to our team's hard work, advancing 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," said Ryan Lasmaili, CEO and co-founder of Vaultree. “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.”
Along with expanding the team and securing research and patent registrations, the funds will be allocated to including faster feature releases, added functionalities, bolstered security, service readiness and tech support for a growing pool of dedicated users. Key to that growing popularity among security professionals is the ability to integrate Vaultree’s data-in-use encryption solution without major technology or platform changes.
Other significant advancements unique to Vaultree’s solution include full control over keys via the user’s preferred key management server, plus the power to query and compute always-encrypted data and choose where it is decrypted. The approach minimizes the impact of data breaches or leaks more than any other solution on the market. Vaultree’s offering has the potential to prevent massive financial and reputational losses, while enabling consistent business performance without disruption.
Backed by heavy hitters in the cybersecurity space, today’s investment is also a testament to the company's ongoing momentum, as evidenced by a partnership launch with Google's AlloyDB to offer the first Fully Functional Data-in-Use Encryption in the cloud along with the addition of strategic hires: Jane Cummings as CTO of Vaultree and John Johnson as VP of Solutions of Vaultree.
“The talented team at Vaultree is addressing one of the most difficult technical challenges in cybersecurity – building a new kind of privacy-enhancing encryption technology based solution that will strengthen the protection of enterprise data while still enabling ease of use for data owners,” added Vaultree board member and security entrepreneur Tim Newberry. “This is a difficult technical challenge and has a huge potential market impact. Over the last year the company has made important strides in product development and dramatically increased their market presence. We’re thrilled for what’s ahead.”
Stav Pischits, Co-Founder of Cyber Club London (CCL) said: “We saw a great opportunity in terms of supporting Vaultree’s groundbreaking technology that has the potential to change the way the world perceives data processing. All of us at Cyber Club London (CCL) are very proud and humbled to be part of the Vaultree journey.”
Edel Coen, Principal, Molten Ventures said: “For too long, we have accepted that data security and data usability, while both desirable, are fundamentally incompatible: one part of the equation cannot improve without detriment to the other.
“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.”
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.
About Molten Ventures
Molten Ventures plc is one of the most active venture capital firms in Europe, developing and investing in disruptive, high growth technology companies. We believe it is our role to support the visionary entrepreneurs who will invent the future. We fuel their growth with our ‘energy’ in the form of truly patient capital, access to international networks and decades of experience building businesses. Currently, Molten Ventures is a shareholder in a diverse portfolio of companies including Revolut, UiPath, Trustpilot, Ledger, and Graphcore. For more information please visit: www.moltenventures.com
About Ten Eleven Ventures
Ten Eleven Ventures is the original cybersecurity-focused, global, stage agnostic investment firm. The firm finds, invests, and helps grow top cybersecurity companies addressing critical digital security needs, tapping its team, network, and experience to help build successful businesses. Since its founding, Ten Eleven Ventures has raised over US$1 billion and made 40 cybersecurity investments across stages worldwide, including KnowBe4, Darktrace, Twistlock, Verodin, Cylance, and Ping Identity. For more information, please visit www.1011vc.com or follow us on Twitter @1011vc.
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Source: Company press release.