Profian, a confidential computing platform that helps companies safeguard their data, has closed its seed round on $5m.
Project A Ventures and Illuminate Financial served as the co-lead investors to the round. The venture capital firms were joined by several angel investors, including Datadog CEO Olivier Pomel, Fastly CTO Tyler McMullen, Bytecode Alliance chairman Till Schneidereit and Linux Foundation board member Sarah Novotny.
With the funds, the RegTech company hopes to create a suite of open-source products and services around confidential computing. Its aim is to make the solution available across the financial service sector, as well as other industries in need of strong confidentiality and integrity.
The company was co-founded by former Red Hat executives Mike Bursell and Nathaniel McCallum. Profian’s aim is to provide businesses with cryptographic proof and verifiable trust within their operations.
Its hardware helps maintain data confidentiality and monitor risk, as well as meet regulatory and audit requirements.
Profian CEO Mike Bursell said, “Profian’s Confidential Computing platform will allow organizations who are currently unable to enjoy the benefits of cost savings and speed associated with public clouds — for regulatory, audit or risk management reasons — to deploy even their most sensitive data and applications in a truly hybrid, multi-cloud environment.
“Nathaniel and I are thrilled about the investor support we have received thus far and the team we have assembled. We look forward to launching our platform in early 2022 and engaging with the open-source community.”
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