Ireland-based Vaultree announced on Wednesday that it has raised $12.8 million in Series A funding for its data-in-use encryption technology.
The investment, which brings the total raised by the startup to more than $16 million, was led by Molten Ventures and Ten Eleven Ventures, with participation from SentinelOne, Elkstone Partners, CircleRock Capital, Cyber Club London, and angel investors.
The money will be used to boost sales, marketing, and product development.
Vaultree has developed what it describes as a fully functional data-in-use encryption solution that can help organizations mitigate the risks associated with a data breach.
The solution is designed to allow users to process data without having to surrender encryption keys or decrypt the data server side, which means the data is useless to threat actors that can gain access to a customer’s systems.
Users have full control over encryption keys, and they can query and compute encrypted data, while choosing where it is decrypted.
Valutree’s solution can be integrated with existing databases and it doesn’t require any changes to technology or platforms.
The company emerged from stealth mode in November 2021 with $3.3 million in seed funding.