CORK, Ireland, Nov. 2, 2021 /PRNewswire/ -- Vaultree, provider of Encryption-as-a-Service, has raised $3.3M in seed funding for its enhanced data security solution, the company announced today. The funding round was led by Ten Eleven Ventures. Other investors include Enterprise Ireland, Unpopular Ventures, HBAN and John N. Stewart, former chief security and trust officer at Cisco.
Vaultree is ushering in a new era of data protection with its searchable, scalable, privacy-enhancing technology and Encryption-as-a-Service solutions. The company's platform uses Enhanced Searchable Symmetric Encryption (ESSE) and Fully Homomorphic Encryption (FHE) technologies to enable highly regulated organizations to freely access and use their data without having to reveal their encryption keys or data content to their solution or cloud provider. It also scales seamlessly to billions of datasets without compromising performance, unlike most legacy encryption solutions.
With this latest funding, Vaultree will continue developing a market-ready product to provide customers with a fully end-to-end encrypted data protection solution that is scalable and easy to use. Vaultree's team will continue to grow with the hiring of more engineering, cryptography, sales, and customer facing staff.
Sarah Armstrong-Smith, Vaultree advisor and chief security advisor at Microsoft, said: "Data security threats continue to grow on a global scale as our online footprint increases and connected devices proliferate. To reduce cyberattacks and data breaches requires a fully encrypted and scalable solution, suitable for any sized business. Vaultree has developed an innovative solution to help meet these needs and work toward creating a safer digital world through data encryption."
Timothy Newberry, EIR, Ten Eleven Ventures, said: "As experts in innovative cybersecurity technologies, the team at Ten Eleven immediately realized the massive impact Vaultree's platform would have on the vast number of enterprises worldwide that desperately need a fast, scalable, and easy-to-integrate encryption solution as part of their data security strategy. This game-changing technology will help companies protect their customers and data at a whole new level. We are thrilled to work alongside the Vaultree founders on this journey, focusing on the data security and storage space at the right time, with the right team, and the right technology."
Ryan Lasmaili, co-founder, Vaultree, said: "We have achieved a major patent-pending technological breakthrough, which enables us to differentiate our solution in the competitive space with a solution approach that finally frees companies from making trade-offs between security and performance. This is rare to find in the complex cybersecurity solution field, which makes Vaultree interesting to investors and customers. It's clear that we've created an easy-to-use, scalable solution for an ever-growing issue."
Vaultree's Encryption-as-a-Service solution enables businesses of all sizes to process fully end-to-end encrypted data. Easy to use and integrate, Vaultree delivers peak performance without compromising security, neutralizing the weak spots of traditional encryption. Follow Vaultree on Twitter @Vaultree or LinkedIn. Visit www.vaultree.com and join our waitlist to stay up to date on product development and company news.
About Ten Eleven Ventures
Ten Eleven Ventures is the original venture capital firm focused solely on investing in digital security. The firm invests globally and at all stages, from seed to growth (the latter via its Joint Investment Alliance with KKR). Since its founding in Silicon Valley in 2015, Ten Eleven Ventures has raised nearly $US 500 million and invested in 34 leading cybersecurity companies including Darktrace, KnowBe4, Twistlock, Verodin, Cylance, and Ping Identity. For more information, please visit www.1011vc.com or follow us on Twitter @1011vc.