Vaultive said it raised $10-million in a round led by .406 Ventures, New Science Ventures and Harmony Partners. The New York developer of cloud-based data encryption says its first product is undergoing beta testing.
Cloud Data Encryption Solutions Provider Vaultive Raises $10 Million
Security Industry Luminaries Join Forces to Create New Solution Designed to Achieve Unprecedented Data Protection and Control in the Cloud
New York, NY – February 27, 2012 — Vaultive, a provider of cloud data encryption solutions that enable organizations to leverage the economy and efficiency of cloud computing while maintaining the data security, control and compliance advantages of on-premise computing, today announced that the company has completed a $10-million funding round led by .406 Ventures, New Science Ventures and Harmony Partners. The company is currently in beta for its first product, Vaultive for Hosted Exchange, a patent-pending enterprise-class encryption solution designed to meet the specific business challenges and technological requirements of Hosted Exchange users.
Vaultive was founded in 2009 by Ben Matzkel and Maayan Tal. Initially funded by security industry luminaries, including brothers Elad and Amit Yoran, the company has been focused on research and development efforts to build an enterprise-class, seamless and flexible solution for cloud data protection.
Today, Vaultive is led by an experienced management team with a successful track record of bringing leading-edge security solutions to market. Following the $10-million funding round, Elad Yoran becomes Vaultive’s Chairman and CEO. Yoran, a long-time security industry leader, also serves as general partner of Security Growth Partners.
Previously, Yoran founded and led several successful security start-ups including Riptech, MediaSentry, and Sentrigo, which were acquired by Symantec, SafeNet, and McAfee respectively. He also served as vice president, Global Business Development, at Symantec and as vice president and head of the security industry M&A team at Broadview, now a part of Jeffries. In addition, Yoran is currently an advisor to the FBI and other US Federal Government organizations. Yoran joins an exceptional team, led by Matzkel and Tal, with extensive backgrounds in cryptography, information security, and a world-class engineering team with experience from security industry leaders such as McAfee, Cisco and Check Point. Co-Founder and Chief Strategy Officer Ben Matzkel is a prior McAfee senior product manager and previously led Onigma’s Professional Services team. Co-Founder and Chief Technology Officer Maayan Tal formerly headed the R&D team in Israel for McAfee and served as a manager on Onigma’s R&D team. Both Matzkel and Tal are veterans of leading technology units in the Israel Defense Forces.
Maria Cirino of .406 Ventures, former senior vice president of Verisign and CEO of Guardent, and Somu Subramaniam of New Science Ventures and a former leader of McKinsey’s Technology Practice join Vaultive’s Board of Directors. Vaultive also boasts a deep IP portfolio with five patents currently pending.
“Security remains the primary barrier to widespread cloud adoption. Migrating data to a cloud environment introduces significant security, regulatory compliance, data residency and privacy risks that must be addressed,” said Elad Yoran, CEO of Vaultive. “Vaultive was created to solve these problems by enabling organizations to maintain complete control over and extend security to their data in the cloud.”
The company’s core technology enables encrypted data to be searched, indexed, sorted and otherwise processed within a cloud-based application without first having to be decrypted. This breakthrough patent-pending technology can be applied to a broad spectrum of cloud applications without compromising functionality, performance, or changing the end-user experience.
Its first enterprise-class application of the technology, Vaultive for Hosted Exchange, introduces the only solution developed specifically for Hosted Exchange environments, including Microsoft® Office 365, that delivers this type of searchable, sort-able and index-able encryption.
Vaultive for Hosted Exchange enables a customer to encrypt data-at-rest within the Hosted Microsoft Exchange environment while enterprise IT retains control of the encryption keys. As a result, disclosure requests can be managed independently by the enterprise without placing the cloud provider in the undesirable position of disclosing customer data. Vaultive ensures sensitive data never leaves the customer’s enterprise in unencrypted form, eliminating security risks and concerns about data residency and disclosure while simultaneously achieving compliance with regulatory requirements such as: SOX, GLBA, HIPAA, HITECH and PCI-DSS. Vaultive plans future support for additional cloud applications including SaaS email, CRM, collaboration and communication applications, as well support for custom cloud applications.
“Organizations can save millions of dollars by moving critical business functions such as email to the cloud, but many have been unable to because of the inherent security risks in cloud-based applications,” said Maria Cirino, co-founder and managing director of .406 Ventures. “Vaultive is a breakthrough solution for those organizations that have been hesitant or unable to move to a Hosted Exchange solution due to data security, compliance and disclosure concerns. We are thrilled to be working with industry visionaries like Elad Yoran, Ben Matzkel and Maayan Tal to help satisfy the strong demand that already exists to encrypt data in the cloud.”
Vaultive for Hosted Exchange is currently in beta and scheduled for general availability in April 2012. Companies that sign up for the beta program by March 31st, 2012 will receive Vaultive for Hosted Exchange for up to 250 mailboxes at no charge for six months. Interested companies should contact Vaultive at beta-partner@Vaultive.com.
Vaultive is a provider of cloud data encryption solutions that empower organizations to realize the cost savings, enhanced productivity and operational efficiencies of cloud computing while maintaining the data security, control and compliance advantages of on-premise computing. Vaultive enables this through the deployment of patent-pending data-in-use encryption technology that eliminates the data security, privacy, residency and regulatory compliance concerns associated with cloud deployment. As the only cloud data encryption solution engineered exclusively for Hosted Exchange, including Microsoft® Office 365 and offering support for other leading SaaS applications, Vaultive enables organizations to take advantage of cloud computing without compromise.