US-based Fortanix raises $23 M in Series B round led by Intel Capital

With the latest funding round, Fortanix will work with Intel to address cloud security and data privacy problem.

Cloud security and data privacy startup Fortanix Inc announced it has raised $23 million in a Series B funding round led by Intel Capital. Existing investors Foundation Capital and Neotribe also participated in the funding round. Following the fund infusion, Sunil Kurkure, Director, Intel Capital, will join US-based Fortanix’s board of directors.

The latest funding round takes the total funding raised by the company to $31 million.

Also read: [Weekly Funding Roundup] Softbank’s investment in Firstcry takes up a large chunk; total funding declines from last week

“Fortanix helps protect encryption keys, databases, machine learning algorithms, and containers to help secure organisations’ data in private, public and hybrid cloud environments,” Ambuj Kumar, Co-Founder and CEO of Fortanix was quoted as saying in a release from the company.

Fortanix also helps organisations protect their data in systems that might be vulnerable, on remote clouds and even when systems are compromised.

“Intel shares Fortanix’s goal of protecting data in-use during runtime,” said Window Snyder, Chief Software Security Officer, vice president and general manager of Intel’s Platform Security Division. “We look forward to continued collaboration to help solve the complex data privacy challenges our customers face, leveraging hardware-based protections such as Intel SGX.”

Funds from the latest funding round will be used to fuel Fortanix’s growth in international markets and it will also further 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.

Using its Runtime Encryption technology, Fortanix helps keep keys, data and applications protected while in use. It is also helping organisations address General Data Protection Regulation privacy rights requirements and secure artificial intelligence and machine learning algorithms. It also helps address critical enterprise blockchain security requirements with advanced cyptographic algorithms and data protection features.

Also read: Delhi-based startup is making businesses leak-proof with data security products