France-based cloud software encryption startup Tanker has closed a €6m ($7.2m) funding round backed by subsidiaries of insurance groups Axa and Allianz.
The firms participated through respective subsidiaries Axa Strategic Ventures and InnovAllianz, while corporate-backed private equity firm Idinvest Partners and venture capital firm Kima Ventures also took part.
Tanker has built an end-to-end encryption and key management platform for developers of software-as-a-service (SaaS) packages. The coding can be embedded in each SaaS development kit, removing the need for a standalone approach.
Proceeds from the round will support an expansion into the US and fund technical training for Tanker’s development team through 2019.
Tanker had previously raised €1.5m from private investors including Phillippe Delmas, Stephane Fouks, Patrick Bertrand and Rene Proglio.