Cloud data encryption solutions developer Vaultive Inc. has raised $10-million, in a financing round led by .406 Ventures, New Science Ventures and Harmony Partners. The New York City-based company, which has its R&D center in Tel Aviv, plans to launch its first product, Vaultive for Hosted Exchange in April 2012.
Tel Aviv Angel Group, founded by Yaron Carni, was the first investor in Vaultive, investing $1 million. Angel Group sold part of its stake in the company to the new investors as part of the financing round.
Vaultive COO Ben Matzkel and CTO Maayan Tal founded the company in 2009. The company was initially funded by IT security executives, including brothers Amit and Elad Yoran, who serves as chairman and CEO. Matzkel and Tal are veterans of IDF technology units.
"Security remains the primary barrier to widespread cloud adoption. Migrating data to a cloud environment introduces significant security, regulatory compliance, data residency and privacy risks that must be addressed," said Elad Yoran. "Vaultive was created to solve these problems by enabling organizations to maintain complete control over and extend security to their data in the cloud."
Published by Globes [online], Israel business news - www.globes-online.com - on February 27, 2012
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