Fortanix Raises $23M in Series B Round Funding Led by Intel Capital to Protect Cloud Data
The Runtime Encryption technology company, Fortanix Inc., declared today that it raised $23 million Series B round funding led by Intel Capital, with existing investors Foundation Capital and Neotribe as round participants. Fortanix and Intel are working together to address Cloud Security and Data Privacy Problem by providing secure enclaves and Key management Protection in the Cloud. “Fortanix uniquely helps protect encryption keys, databases, machine learning algorithms, and containers to help secure organizations’ data in private, public and hybrid cloud environments. This new funding is a testament to the tremendous growth we’ve already experienced in 18 months since we first launched our product. We are also excited to add Sunil Kurkure to our Board of Directors, and we will leverage his exceptional leadership and guidance as we grow our business.” said Ambuj Kumar, Co-Founder and CEO of Fortanix.
Executing on its bold vision of helping solve today’s cloud security and data privacy problems. Fortanix is helping to protect data in systems that might otherwise be experiencing vulnerabilities, and helps remove complex and intractable security challenges experienced with current solutions. Running applications in enclaves enables a new level of security on premise, in hybrid environments, and even on remote clouds, helping to protect data even when systems are compromised.
On the occasion, Window Snyder, Chief Software Security Officer, Vice President and General Manager, Intel- Platform Security Division, comments, “Intel shares Fortanix’s goal of protecting data in-use during runtime. We look forward to continuing collaboration to help solve the complex data privacy challenges our customers face, leveraging hardware-based protections such as Intel® SGX.”
This funding will be used to expand all facets of Fortanix to meet the increasing demand for its Self-Defending Key Management Service and Runtime Encryption platform. Also, this investment will fuel the company’s rapid acceleration internationally, where it is already seeing significant revenue and growth. The funding will further accelerate Fortanix’s work with Intel and support the companies’ joint strategy of driving the ability for enterprises to more securely move data from on-premise and offsite to the cloud while expanding Fortanix’s reach in the market.
Fortanix helps organizations address General Data Protection Regulation (GDPR) privacy rights requirements and helps secure artificial intelligence and machine learning algorithms, leveraging sensitive data as inputs, while helping to ensure the confidentiality of the data. It also helps address critical enterprise blockchain security requirements with advanced cryptographic algorithms and data protection features, in order to help secure encryption keys for blockchain and financial information. The company’s Runtime Encryption platform helps secure any Linux application running in the cloud and has been selected to power IBM Cloud Data Shield. SDKMS offers cloud-scale key management, hardware security module (HSM), and tokenization solution service –all rolled into one product with infinite scalability for the number of keys and the number of operations. It is in use at organizations globally and powers Equinix’s SmartKey HSM-as-a-service.