Encryption-as-a-Service startup Vaultree today emerged from stealth mode and announced raising $3.3 million in a seed round led by Ten Eleven Ventures.
Enterprise Ireland, HBAN, Unpopular Ventures, and former Cisco CSO John N. Stewart also contributed to the funding round.
The investment will enable the company to continue work on its fully end-to-end encrypted data protection product, as well as to expand its engineering, cryptography, customer-facing, and sales teams.
Vaultree provides customers with an Encryption-as-a-Service platform that leverages Enhanced Searchable Symmetric Encryption (ESSE) and Fully Homomorphic Encryption (FHE) to provide organizations with easy, secure access to their data.
The solution, the company says, helps keeping safe not only the data content, but also the encryption keys, and it can scale seamlessly without compromising performance.
Founded in September 2020 and based in Cork, Ireland, Vaultree wants to help organizations work with fully encrypted data and to change the manner in which communication is performed.
“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,” said Ryan Lasmaili, co-founder of Vaultree.