Hot Encryption Startup Virtru Raises $29M in Series A

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Enterprise encryption and data protection provider Virtru announced this week that it has raised $29 million in a Series A funding round led by Bessemer Venture Partners. Virtru will use the funds to scale operations globally, build new products to protect different types of data, and extend its SDKs and APIs.

Virtru’s architecture is based on the open-source Trusted Data Format, which was invented by Will Ackerly, a former NSA cloud security architect. The company was co-founded by Will and John Ackerly and after entering the Cloudant Accelerator Program, launched in 2014. It differs from network-based security approaches like firewalls and intrusion prevention systems by protecting the data itself with a “secure envelope,” which allows access privileges to be revoked or changed at any time.

Virtru claims to have more than 4,000 customers.

It integrates with popular enterprise applications like Gmail, Google Drive, and Microsoft Outlook. The company said it will use the investment to increase its support for Office 365 and other cloud platforms, while also encouraging developers to integrate its encryption.

New Enterprise Associates, Soros Fund Management, Haystack Partners, Quadrant Capital Advisors, and Blue Delta Capital also participated in the funding round.

Virtru has announced several launches this year, including its SDK.

A version of this article first appeared at http://www.thewhir.com/web-hosting-news/encryption-provider-virtru-raises-29m-in-series-a-to-extend-global-reach