Security Experts:

Connect with us

Hi, what are you looking for?

SecurityWeekSecurityWeek

Application Security

Encryption Firm Fortanix Raises $23 Million

Fortanix, a California-based company that specializes in encrypting data and applications, on Wednesday announced that it raised $23 million in a Series B funding round, which brings the total funding to date to $31 million.

Fortanix, a California-based company that specializes in encrypting data and applications, on Wednesday announced that it raised $23 million in a Series B funding round, which brings the total funding to date to $31 million.

The funding round was led by Intel Capital with participation from Foundation Capital and Neotribe. Intel Capital Director Sunil Kurkure will join Fortanix’s board of directors.

The newly obtained funds will be used to expand all sides of the company to meet increasing demand for its solutions.

Fortanix aims to address cloud security and data privacy challenges through a technology it calls Runtime Encryption. This technology is designed not only to protect data at rest and in motion, but also ensure that encryption keys, data and applications are protected while they are in use.

Runtime Encryption, which is powered by Intel’s SGX technology, runs applications in enclaves, which should protect data regardless if it’s used on premises, in hybrid environments or in remote clouds, even if the system has been compromised.

The company also offers a Self-Defending Key Management Service (SDKMS) that provides key management, hardware security module and tokenization capabilities.

Fortanix says its technology has been used by Fortune 100 companies worldwide and it’s present in IBM’s Cloud Data Shield and Equinix’s SmartKey product.

“Fortanix uniquely helps protect encryption keys, databases, machine learning algorithms, and containers to help secure organizations’ data in private, public and hybrid cloud environments,” said Ambuj Kumar, co-founder and CEO of Fortanix. “This new funding is a testament to the tremendous growth we’ve already experienced in 18 months since we first launched our product.”

Window Snyder, Chief Software Security Officer at Intel, commented, “Intel shares Fortanix’s goal of protecting data in-use during runtime. We look forward to continued collaboration to help solve the complex data privacy challenges our customers face, leveraging hardware-based protections such as Intel SGX.”

Related: Cloud Security Firm Netskope Raises $168.7 Million

Related: Open Source Security Management Firm WhiteSource Raises $35 Million

Related: Container Security Firm Sysdig Raises $68.5 Million

Written By

Eduard Kovacs (@EduardKovacs) is a contributing editor at SecurityWeek. He worked as a high school IT teacher for two years before starting a career in journalism as Softpedia’s security news reporter. Eduard holds a bachelor’s degree in industrial informatics and a master’s degree in computer techniques applied in electrical engineering.

Click to comment

Expert Insights

Related Content

Application Security

Cycode, a startup that provides solutions for protecting software source code, emerged from stealth mode on Tuesday with $4.6 million in seed funding.

Management & Strategy

Industry professionals comment on the recent disruption of the Hive ransomware operation and its hacking by law enforcement.

Cloud Security

VMware vRealize Log Insight vulnerability allows an unauthenticated attacker to take full control of a target system.

Management & Strategy

Tens of cybersecurity companies have announced cutting staff over the past year, in some cases significant portions of their global workforce.

Funding/M&A

Tenable has launched a $25 million venture fund to place bets on early-stage startups in the exposure management space.

Management & Strategy

SecurityWeek examines how a layoff-induced influx of experienced professionals into the job seeker market is affecting or might affect, the skills gap and recruitment...

Application Security

Drupal released updates that resolve four vulnerabilities in Drupal core and three plugins.

Application Security

A CSRF vulnerability in the source control management (SCM) service Kudu could be exploited to achieve remote code execution in multiple Azure services.