US-based data security provider Virtru has raised $37.5m in a series B round from backers including consumer electronics producer Samsung’s corporate venturing unit Samsung Next.
Venture capital firms Iconiq Capital led the round, while Bessemer Venture Partners, New Enterprise Associates (NEA), Soros Capital, Blue Delta and Thyra Global also took part.
Virtru has developed a range of data privacy products that enable enterprises and governments to secure and share sensitive files while retaining control over who can access the data.
The cash will be used to expand Virtru’s email and file data protection products, to scale operations and to expand internationally. The company is also working towards making its Trusted Data Format a common open standard to protect data.
Bessemer previously led a $29m series A round in 2016, with participation from NEA, Soros Fund Management, Haystack Partners, Quadrant Capital Advisors and Blue Delta Capital.
Bessemer had already contributed to a $6m seed round for Virtru in 2014 alongside several private investors. Samsung Next revealed Virtru as a portfolio company when it announced its Samsung Next fund in January 2017, though it has not revealed when or how much it invested.