US-based cryptography software developer Dyadic Security closed a $12m series B round on Tuesday backed by Citi Ventures, financial services firm Citi’s strategic investment fund.
The round also featured investment banking firm Goldman Sachs’ Principal Strategic Investments group and venture capital firm Innovation Endeavors.
Dyadic has created a software-defined cryptography platform that enables enterprises and banks to virtually store and manage their cryptographic keys, where they are available to be used onsite or in the cloud, on servers and mobile devices such as laptops or smartphones.
Arvind Purushotham, managing director of Citi Ventures, said: “As institutions increasingly shift toward the cloud, and connected devices proliferate with enormous scale and variety, there’s a growing need for fully virtual key protection systems that match the agility and scalability of cloud infrastructure.
“Dyadic’s technology caters to the needs of increasingly digital enterprises, and matches the security level of traditional systems while being more usable and cost-effective.”
The company will use the series B funding to grow its sales and marketing resources in North America. It has not revealed details of its earlier funding.