Cord3 grabs $2 mln from BDC Capital

Ottawa, Canada-based Cord3 Innovation Inc, a data-centric cybersecurity company, has $2 million in funding. The investor was BDC Capital’s growth and transition capital unit. The capital will be used to enable Cord3 to scale its solutions.

PRESS RELEASE

Cord3 Innovation, Inc., a data-centric cybersecurity company headquartered in Ottawa, Canada, announced today that it has secured $2 million of growth financing from BDC Capital’s Growth & Transition Capital division. This financing will enable Cord3 to commercially scale its solutions that were developed to meet cybersecurity requirements originally established by Canada’s Department of National Defence. These same requirements also need to be met in government, financial, high-technology, and other organizations globally to stop ongoing, widespread data breaches and theft of financial and intellectual property. Over the past 5 years, Cord3 has demonstrated its cybersecurity technology in numerous advanced NATO military exercises.

Cord3 develops software that secures sensitive data directly, rather than trying to secure the networks and applications in which sensitive data exists. Cord3’s software uniquely breaks the longstanding connection between administrator system access providing unrestricted data access, which is the underlying cause of all major data breaches. The company’s unique solutions protect customers without having to install or change any software on user devices or servers. Completely transparently to users and applications, the solutions strongly encrypt data to protect against insider and external attacks. Cord3 specifically prevents administrators with system access from also having access to sensitive data, which is the root cause of virtually every large-scale data breach.

Cord3’s CEO, Kevin Rankin, stated, “Cord3 is entering this next growth stage with great technology and solutions for customers. We anticipate using this funding to hire key resources to execute growth strategies directly with customers and also with partners serving government, military and financial organizations. We are thankful to BDC Capital for their vision and support of Cord3.”

In line with its plans for expansion, Cord3 also announced that it was invited by Global Affairs Canada, the federal government ministry focused on international trade, to participate in cyber security meetings at the Consulate General of Canada in New York from October 1 to 3. Cord3 is one of a select set of innovative cyber companies invited to this summit to speak with cybersecurity and fintech leaders in New York City.

About Cord3 Innovation Inc.
Cord3 offers solutions to strongly protect files and emails by encrypting them at rest and controlling access to protected data assets. These solutions deliver consistent, policy-driven data security for Cloud and enterprise data that protects against access by unauthorized privileged administrators, including hackers and insiders who steal privileged administrator credentials – the #1 cause of data breaches. And, unlike other data security approaches, Cord3’s solutions work completely transparently to users and do not require any changes to existing applications. For more information, visit: www.cord3inc.com‍

About BDC Capital
BDC Capital is the investment arm of BDC – Canada’s only bank devoted exclusively to entrepreneurs. With more than $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers a full spectrum of risk capital, from seed investments to transition capital, supporting Canadian entrepreneurs who wish to scale their businesses into global champions. Visit bdc.ca/capital.