Vaultree, a Fully Functional Data-in-Use Encryption solution provider, recently announced a $12.8 million series A growth investment round, bringing the company’s total funding to $16.1 million.
We sat down with Ryan Lasmaili, CEO and Co-Founder at Vaultree, to discuss the company's direction, how it's breaking down the barriers of encryption, and its outlook for 2023.
What is the company's mission?
Our flagship solution is the world’s first Fully Functional Data-In-Use Encryption toolkit that solves the industry’s fundamental security issue: persistent data encryption, even in the event of a leak. Vaultree enables enterprises, including those in the financial services and healthcare /pharmaceutical sectors, to mitigate the great financial, cyber, legal, reputational, and business risk of a plaintext data breach. With Vaultree, organizations process, search and compute ubiquitous data at scale, without ever having to surrender encryption keys or decrypt server-side (including in memory). We do all that at sublinear performance levels and are the first live production encrypted database processing toolkit for enterprises. If a leak occurs, Vaultree’s data-in-use encryption persists, rendering the data unusable to bad actors. Integrating Vaultree into existing database technologies is seamless, requiring no technology or platform changes. What problems do you aim to solve and how?
Data breaches are at an all-time high, ransomware attacks occur every 11 seconds! Global events have escalated the risk of cyber warfare exponentially, cyber criminals are using increasingly sophisticated methods to intercept data, and governments & cyber security agencies are urging companies to fortify their cyber security defenses.
The biggest issue is that data is currently being exposed in plaintext during data breaches and leaks, and the only way out is a truly fully encrypted approach so that, if the first line of defense fails (firewalls, API and app security, vulnerability trackers, etc.), data is fully encrypted and useless to intruders in the event of a leak. Most companies encrypt data at rest on their server, often sacrificing security for performance speeds to do so. However, when their employees, customers and partners use data in apps, it is unencrypted & vulnerable. Unencrypted data is shared with third- party companies, creating even more cyber vulnerabilities. Vaultree keeps data encrypted in all its states, minimizing the impact of cyber-attacks. Just like an onion, it doesn’t matter how many layers are added if the data is in plaintext. Therefore, Vaultree’s encryption-in-use technology is a vital component to any enterprises security ecosystem
Another issue is that with advanced encryption vendors, integration is extremely complex and takes a long time as well as specialized personnel. Below, more is described in how companies can overcome this challenge with Vaultree. What makes your approach differentiated?
Using Vaultree does not just save costs such as fines but also duplication, extra storage & computing costs of traditional encryption, it is also highly usable in the sense of in-house & third-party apps being able to work on encrypted “Vaultree’d” data as if it is decrypted, enabling unlimited, easy collaboration. Furthermore, our technical breakthroughs in encryption, search & processing mean operational performance is not inhibited, and that there is zero disruption to companies’ systems. There are no complexities such as plugins, proxies or APIs, there are no changes to code or SQL syntax, existing tech stack & database architectures can be used, and no training or implementation overhead is incurred.
Vaultree is breaking down the barriers of encryption.
How do you see the uses of encryption evolving in the coming years?
CISO types need to start thinking about what is the security strategy within the organization in context to a fully encrypted environment. It will impact how we are starting to look at security strategies, focus points and enable us to dedicate time to critical areas instead of continuing fire fighting. Open opportunities for enterprises to think of what an always encrypted environment will bring that previously were not possible and create value through encryption for the organization. When taking the above mentioned points into consideration, any CISO or technical decision maker will quickly realize the differentiation and data protection potential this could have for their company. With this investment round, we are practically ready to grow together with our clients and enable them to purchase a solution that is adapted to them and not the other way around. Our team is available at any time to schedule a product demo and showcase our differentials.
What are your aspirations for the company in 2023?
Vaultree’s aspiration in 2023 is to significantly scale our solution with the mission to make “companies databases a safe place” - encrypted. Enable organizations to unlock the potential of encrypted data and enable the impossible.