CipherCloud closes $30 Million in Series A Funding
Date: Wednesday , January 02, 2013
CipherCloud, a provider of cloud information protection, has secured $30 million in Series A round of funding from Andreessen Horowitz. The company plans to use the new funding to accelerate its global go-to-market strategy with expanded sales and marketing, to further develop its cloud information protection offerings and to advance its technology leadership.
CipherCloud provides cloud encryption and tokenization gateways to enable organizations to securely adopt cloud applications by eliminating concerns about data privacy, residency, security, and regulatory compliance. The gateway encrypts sensitive information in real time, before it is sent to the cloud, using operations-preserving encryption and tokenization technology without impacting usability or the application. The portfolio supports cloud applications including Salesforce, Force.com, Chatter, Google Gmail, Microsoft Office 365, and Amazon AWS. Additionally, customers can extend data protection to hundreds of third-party cloud and private cloud applications and databases with CipherCloudConnect AnyApp and CipherCloud Database Gateway.
"When I founded CipherCloud it was clear to me that the entire enterprise market was accelerating its move to the cloud," says Pravin Kothari, Founder, Chairman & CEO, CipherCloud. "Our vision has been to create solutions that enable organizations to safely and securely complete their cloud journey while maintaining a high level of security and retaining control of their information." Since its founding in 2010 Cipher protects 1.2 million cloud application users and 100 million customer records for about 40 enterprise clients in eight countries. Customers include firms in banking, insurance, healthcare and technology, as well as government agencies.
Gartner Research Inc.'s latest forecast says the opportunity ahead for companies like CipherCloud is large. Analysts estimate the cloud market will double by 2016 to $206 billion and that 25 percent of enterprises will use cloud information protection technologies.