Baffle, a provider of application data protection solutions to the financial services industry, has raised $6m in Series A funding.
The round was led by Envision Ventures, with participation from ServiceNow Ventures, Thomvest Ventures and Industry Ventures. Current Baffle investors True Ventures and Engineering Capital also participated in the round. Baffle said it will use the new capital to accelerate product development across additional databases, expanding the market opportunity and supporting additional sales and marketing efforts.
Several regulations such as GLBA, SOX, GDPR and PCI-DSS require some form of encryption, data access controls and/or breach notification requirements. However, tracking and protecting data is becoming an even bigger challenge for the industry.
Founded in 2015, the Santa Clara, CA-headquartered business is the developer of the BaffleManager Application Data Protection Service. Its offers data protection capability that unifies enhanced data access monitoring and access control with end-to-end encryption.
Baffle claims its data protection solution enables secure computing for cloud applications and integrates at the SQL layer as a gatekeeper to constrain how applications access sensitive data and help thwart attacks that were the causes of the latest high-profile data breaches. Its solution, which employs an AES 256-bit encryption method to protect sensitive data while it is in memory without breaking the application, is available to financial services companies, healthcare companies, and SaaS providers.
“As enterprises accelerate their migration of critical applications to the cloud, the biggest pain-point identified by Chief Security Officers is protection of their sensitive data. Baffle provides an innovative and comprehensive data security solution to address this enterprise need,” said Umesh Padval, partner at Thomvest Ventures.
“We are excited about our investment in Baffle led by a successful serial entrepreneur in Ameesh Divatia, as well as their unique application aware data security model that enables secure computing for cloud workloads accelerating enterprise migration to the cloud.”
Last year, Thomvest Ventures led a $40m Series D round for Skyhigh Networks. The company enables enterprises to adopt cloud services while meeting their security, compliance, and governance requirements. Engineering Capital also recently participated in $40m Series C round. For Menlo Security, an isolation platform which protects organisations from cyberattacks.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
