Fortanix, Inc., a Mountain View, CA-based runtime encryption technology company, closed a $23m Series B round of funding.
The round, which brings total funding to $31m, was led by Intel Capital, with participation from existing investors Foundation Capital and Neotribe. In conjunction with the funding, Sunil Kurkure, Director, Intel Capital, will join the Fortanix Board of Directors.
The company intends to use the funds to accelerate growth internationally. It will work with Intel and support the companies’ joint strategy of driving the ability for enterprises to securely move data from on-premise and offsite to the cloud.
Led by Ambuj Kumar, Co-Founder and CEO, Fortanix provides security by encrypting applications and data everywhere – at rest, in motion, and in use with its Runtime Encryption® technology built upon Intel® SGX. The company currently secures F100 customers worldwide and powers IBM Data Shield and Equinix SmartKey™ HSM-as-a-service.
Runtime Encryption® technology allows users to keep keys, data and applications protected while in use. It helps organizations:
– address General Data Protection Regulation (GDPR) privacy rights requirements
– secure artificial intelligence and machine learning algorithms, leveraging sensitive data as inputs, while ensuring confidentiality, and
– address critical enterprise blockchain security requirements with advanced cryptographic algorithms and data protection features, in order to secure encryption keys for blockchain and financial information.