Vaultive Raises $8 Million to Advance Leadership in Cloud Data Encryption
.406 Ventures, New Science Ventures and Harmony Partners Lead New Round to Fuel Continued Growth; Jonas Hellgren Appointed President and CEO
BOSTON, MA--(Marketwired - January 20, 2015) - Vaultive, the leader in cloud data encryption, today announced an $8 million dollar financing round, led by .406 Ventures, New Science Ventures and Harmony Partners. The company will use the new funding to fuel continued growth, and advance its industry-leading encryption platform for cloud data.
Vaultive also announced new additions to the executive team, including Jonas Hellgren as President and CEO, and David Kahan as CFO and General Counsel. Hellgren brings a strong track record of building and scaling high-tech companies poised for growth. With more than 20 years of experience in business management and strategic development, Hellgren will focus on continuing Vaultive's growth in strategic markets where Vaultive's encryption technology is relied upon to secure critical data in the cloud. Prior to joining Vaultive, Hellgren was SVP of Operations at Jumptap, where he led key operational teams during a period of tremendous revenue growth. Previously, Hellgren served as SVP, Managed Security Services at Verisign.
Kahan brings 20 years of experience as a senior executive with technology companies, including Jumptap and Millennial Media, and will manage the company's financial, legal and administrative functions.
"This funding will enable us to strengthen our position as a leader in cloud data encryption -- one of the hottest sectors in the technology market," said Jonas Hellgren. "The team at Vaultive developed and brought to market the most robust, enterprise-grade data encryption platform available. Organizations of all sizes -- from Fortune 500 companies to SMBs -- are now placing a premium on security, privacy, ownership, and control of their data. Customers using Vaultive's platform assert they could not have migrated their critical data to the cloud without Vaultive. With the additional funding we will focus on operational execution, accelerating growth, and scaling our business."
Vaultive's platform enables customers to take advantage of the flexibility and productivity benefits of cloud-based services, while ensuring that only authorized users can gain access to cloud data. Vaultive accomplishes this through persistent encryption of data throughout its entire lifecycle while maintaining the cloud application's native functionality, and by providing direct control of the encryption keys to either the customer or a trusted third party. As a result, any breach or disclosure at the cloud service provider will yield only encrypted, unintelligible characters.
"Organizations across the globe are growing increasingly concerned about the ownership and control of data they send to cloud service providers, and Vaultive has brought to market a solution that can ease those concerns without sacrificing the cost and flexibility benefits of the cloud," said Maria Cirino, Managing Director at .406 Ventures. "Global organizations rely on Vaultive's platform to neutralize the risks associated with unauthorized disclosures, compliance and evolving data residency requirements. We believe that the combination of industry-leading technology, market opportunity and a proven leader with a strong operational track record will enable Vaultive to capitalize on this enormous market opportunity."
For businesses moving to the cloud, Vaultive's encryption-in-use technology mitigates risk by empowering companies with control and ownership of their data wherever it resides. Vaultive's customers, or a trusted third party secures the encryption keys, allowing the customer to retain the freedom to use the cloud applications professionals rely on, while ensuring the governance and security that the business demands. The Vaultive platform supports best practices for the control and ownership of corporate data in the cloud as outlined by the Cloud Security Alliance. Vaultive addresses the requirements of global enterprises in financial services, life sciences and pharma, legal and professional services, manufacturing, retail and media, while also offering a cost-effective solution for mid-size and smaller companies. Vaultive's team is comprised of industry leaders from organizations such as Microsoft, Cisco, Samsung, VeriSign, McAfee, JumpTap, Bertelsmann, KPMG, PwC, and IDF intelligence unit 8200. For more information, visit www.vaultive.com.