Virtru Inc., a startup that helps enterprises prevent unauthorized access to their data, has secured $50 million in Series D funding.
Fortune reported the investment today. Iconiq led the round with participation from Bessemer Venture Partners, Foundry and The Chertoff Group.
Washington, D.C.-based Virtru launched in 2012 to commercialize an open-source file format known as TDF. The technology was developed by Virtru co-founder and chief architect Will Ackerly during his time at the U.S. National Security Agency. It’s designed to let organizations to securely share sensitive data with one another.
TDF works by connecting files to a server controlled by the company that created them. This server encrypts the files and only decrypts them for users who have permission to view them. Furthemore, TDF makes it possible to withdraw access if the need arises.
Virtru sells a cloud platform that uses TDF to help companies regulate how employees share business data with third parties. The software encrypts files before they move outside the corporate network. According to Virtru, users can specify who may view the records and revoke access through a centralized interface.
The platform also provides other cybersecurity controls. Workers may set an expiration date for shared files, watermark them and monitor how they’re accessed. The recipients of such files can only open them using a Virtru-operated cloud application that is activated with one-time codes.
The company sells its TDP-powered cybersecurity technology in several editions. There’s a standalone file sharing service called Virtru Secure Share, as well as versions that integrate with Google Workspace and Microsoft 365. The latter tools can encrypt not only business files but also emails.
Another Virtru product called Virtru Private Keystore helps enterprises manage the encryption keys with which they secure their files. According to the company, the tool generates an audit trail that tracks how encryption keys are used. This log makes it easier to demonstrate compliance with cybersecurity regulations.
The company says its platform can secure not only a company’s own data but also information from third parties. A tool called Data Protection Gateway scans inbound emails, detects sensitive data such as credit card numbers and encrypts them.
The platform has been adopted by more than 6,700 organizations. The company’s customers include Salesforce Inc., Capital One Financial Corp. and other large enterprise along with multiple government agencies.
“Our vision is to cement TDF as the global standard in data-centric security, empowering both commercial enterprises and government agencies to collaborate securely in the AI era,” Ackerly said.
Virtru will use proceedings from its funding round to speed up its product development efforts. The company is working on new cybersecurity features focused on protecting artificial intelligence and analytics workloads.
Image: Unsplash
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