Fortanix, a cloud security and privacy solution, has netted $23m in its Series B round which was led by Intel Capital.
Participation from the round also came from previous backers Foundation Capital and Neotribe. In addition to this, Intel Capital director Sunil Kurkure will join the Fortanix board of directors.
The startup helps financial services and government bodies to strengthen protections around data whether it’s stored internally or on the cloud. The runtime encryption solution helps meet GDPR privacy requirements by making data secure even when it’s used by AI and machine learning applications.
With this equity line, the company is expecting to expand its product across all areas in order to meet rising demand for its self-defending key management service and runtime encryption platform. Funds are also being set aside to support international expansion where growth and revenue is growing.
Fortanix will be furthering its work with Intel and will bolster its joint strategy of helping enterprises securely moving data on-premise and offsite to the cloud.
Fortanix co-founder and CEO Ambuj Kumar said, “Fortanix uniquely helps protect encryption keys, databases, machine learning algorithms, and containers to help secure organizations’ data in private, public and hybrid cloud environments.
“This new funding is a testament to the tremendous growth we’ve already experienced in 18 months since we first launched our product.”
To date, the company has raised a total of $31m in funding. Its former round closed in 2017, after the company secured $8m from investors including Foundation Capital and NeoTribe.
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