Baffle, which claims to offer universal data protection, has scored $20m in its Series B round, which will support it bolster its product development.
The round was led by Celesta Capital, with additional contributions coming from National Grid Partners, Lytical Ventures and Nepenthe Capital. Existing Baffle backers, True Ventures, Greenspring Associates, Clearvision Ventures, Thomvest Ventures, Engineering Capital and Triphammer Ventures, also joined the round.
Funds have been earmarked to scale product development and go-to-market efforts as Baffle hopes to bolster its position in the market. Funds will also be used to deepen its resources and capitalise on its recent surge in growth.
Over the past 12 months, Baffle has tripled its revenues and surpassed 100 billion records protected across multiple industries.
Founded in 2015, the company claims to look at data protection in a unique manner. It assumes that breeches are inevitable, but ensures unprotected data is never available to an attacker. To achieve this, the company encrypts data as soon as it is produced and keeps it encrypted even when it is being processed.
Among its services are data encryption, data de-identification, secure data sharing, dynamic data masking and more.
Its services are used by companies within the financial services, healthcare, retail, industrial IoT and government industries.
The RegTech company previously raised $6m in its Series A round back in 2018. Envision Ventures acted as the lead investor.
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