MOUNTAIN VIEW — Fortanix Inc., which provides cloud security and data encryption, has closed a $23 million Series B round of funding led by Intel Capital. Existing investors Foundation Capital and Neotribe also participated.
Sunil Kurkure, Director at Intel Capital, will join the Fortanix Board of Directors. The funding brings the company’s total funding to $31 million.
Fortanix is helping solve today’s cloud security and data privacy problems. By helping to protect data in systems that might otherwise be experiencing vulnerabilities, Fortanix helps remove complex and intractable security challenges experienced with current solutions. Running applications in enclaves enables a new level of security on premise, in hybrid environments, and even on remote clouds, helping to protect data even when systems are compromised.
“Fortanix uniquely helps protect encryption keys, databases, machine learning algorithms, and containers to help secure organizations’ data in private, public and hybrid cloud environments,” said Ambuj Kumar, Co-Founder and CEO of Fortanix. “This new funding is a testament to the tremendous growth we’ve already experienced in 18 months since we first launched our product. We are also excited to add Sunil Kurkure to our Board of Directors, and we will leverage his exceptional leadership and guidance as we grow our business.”
“Intel shares Fortanix’s goal of protecting data in-use during runtime,” said Window Snyder, Chief Software Security Officer, vice president and general manager of Intel’s Platform Security Division. “We look forward to continued collaboration to help solve the complex data privacy challenges our customers face, leveraging hardware-based protections such as Intel SGX.”
The investment will help fuel the company’s acceleration internationally, where it is already seeing significant revenue and growth. The funding will further Fortanix’s work with Intel and support the companies’ joint strategy of driving the ability for enterprises to more securely move data from on-premise and offsite to the cloud, while expanding Fortanix’s reach in the market.