HBAN-backed Vaultree raises $12.8m to boost encryption tech

By hban.org
Thursday, 8th December 2022

Irish cybersecurity start-up Vaultree has closed a $12.8m Series A funding round led by Molten Ventures.

Founded in 2020 and based in Cork, Vaultree is working towards real-time searchable and fully homomorphic encryption technology.

The aim is to help highly regulated organisations access and use their data without having to reveal encryption keys or the data content to a tech or cloud provider.

CEO and co-founder Ryan Lasmaili said that the latest investment “is a testament to our team’s hard work, perfecting our cutting-edge breakthrough: the world’s first fully functional searchable encryption and fully homomorphic encryption.”

“Our goal is to make this technology the new benchmark by which all data security is measured, bringing a new level of protection to enterprises worldwide, by rendering breaches and leaks powerless and irrelevant.”

Vaultree, which raised seed funding of $3.3m in November 2021, was founded by a team of engineers and tech professionals looking to build scalable, privacy-enhancing tech and encryption-as-a-service tools. This is where Halo Business Angel Network began our relationship with Vaultree and invested almost half a million in their 2021 seed funding round.

“This funding brings us closer to disarming data breaches and cyberattacks on a global scale, realising our vision of an encrypted tomorrow for all,” Lasmaili added.

Other backers of the Series A round include Ten Eleven Ventures, SentinelOne, Elkstone Partners, CircleRock Capital, Cyber Club London, and prominent cybersecurity experts.

Vaultree will use this funding to aggressively advance sales, marketing and product development of its data-in-use encryption technology.

Tim Newberry, a security entrepreneur and board member of Vaultree, said that the start-up is addressing “one of the most difficult technical challenges in cybersecurity”.

“[Vaultree is] building a new kind of privacy-enhancing encryption technology-based solution that will strengthen the protection of enterprise data while still enabling ease of use for data owners. This is a difficult technical challenge and has a huge potential market impact.

“Over the last year the company has made important strides in product development and dramatically increased their market presence. We’re thrilled for what’s ahead.”

This article was originally published on Silicon Republic by Vish Gain.