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
Eduard Kovacs (@EduardKovacs) is a managing 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.
More from Eduard Kovacs
- 900 US Schools Impacted by MOVEit Hack at National Student Clearinghouse
- Predator Spyware Delivered to iOS, Android Devices via Zero-Days, MitM Attacks
- China’s Offensive Cyber Operations in Africa Support Soft Power Efforts
- SANS Survey Shows Drop in 2023 ICS/OT Security Budgets
- Apple Patches 3 Zero-Days Likely Exploited by Spyware Vendor to Hack iPhones
- Cisco to Acquire Splunk for $28 Billion
- Car Cybersecurity Study Shows Drop in Critical Vulnerabilities Over Past Decade
- Omron Patches PLC, Engineering Software Flaws Discovered During ICS Malware Analysis
Latest News
- Stealthy APT Gelsemium Seen Targeting Southeast Asian Government
- Nigerian Pleads Guilty in US to Million-Dollar BEC Scheme Role
- 900 US Schools Impacted by MOVEit Hack at National Student Clearinghouse
- City of Dallas Details Ransomware Attack Impact, Costs
- In-the-Wild Exploitation Expected for Critical TeamCity Flaw Allowing Server Takeover
- Predator Spyware Delivered to iOS, Android Devices via Zero-Days, MitM Attacks
- Researchers Discover Attempt to Infect Leading Egyptian Opposition Politician With Predator Spyware
- In Other News: New Analysis of Snowden Files, Yubico Goes Public, Election Hacking
