US-based cloud security technology developer Fortanix completed a $23m series B round on Wednesday led by Intel Capital, the corporate venturing subsidiary of semiconductor and data technology producer Intel.
Venture capital firms Foundation Capital and Neotribe also contributed to the round, having both participated in the company’s $8m series A round in 2017. Intel Capital director Sunil Kurkure will join Fortanix’s board of directors in conjunction with the round.
Founded in 2016, Fortanix has built a cybersecurity software platform that protects cloud-based applications by keeping data encrypted while it is in use. It enables companies to comply with GDPR data regulations and secure cryptographic keys required for blockchain and financial data.
The cash will help Fortanix cope with increasing demand for its product and accelerate international expansion plans, while furthering its collaboration with Intel and expanding its market reach.
Window Snyder, chief software security officer, vice-president and general manager of Intel’s Platform Security Division, said: “Intel shares Fortanix’s goal of protecting data in-use during runtime.
“We look forward to continued collaboration to help solve the complex data privacy challenges our customers face, leveraging hardware-based protections such as (application and code data security product) Intel SGX.”
