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California-based startup StrongSalt has raised $3 million in a seed funding round from Valley Capital Partners.
As per a press release, the new funding will be used to develop its encryption platform-as-a-service intended for developers and enterprises. It plans to build an encrypted ecosystem that enables individuals to maintain the privacy of their personal data and safeguard them against theft and fraud.
“We are veterans in enterprise security technology who were tired of seeing the old ‘wall and alert’ model of security repeatedly fail businesses. We decided that instead of looking at the problem from the outside in, we would build privacy from inside out,” Ed Yu, StrongSalt CEO and Founder, said.
StrongSalt aims to cater to firms that are dealing with concerns in data management with the strengthening laws of the European Union’s Global Data Protection Regulation (GDPR) and the California Consumer Protection Act (CCPA). Its blockchain-based encryption solution guarantees transparency of data and its storage by any enterprise, creating a trusted environment between users and regulators.
Raymond Choi of Valley Capital Partners said that businesses need trustworthy security mechanisms, which are something that StrongSalt provides.
“Currently, businesses have to sacrifice security for usability. Because StrongSalt’s innovative platform allows for complete data searchability without giving up sensitive information, it’s taking the stress off data management from businesses who can ill afford to drop the ball from being hacked,” Choi said.
StrongSalt’s APIs, which are open for both permissionless and permissioned blockchains, enable developers to integrate privacy into existing applications and workflows. Its API products are slated to be released later this year at the AWS re:Invent 2019 conference in Las Vegas, Nevada.
Just recently, Self-Sovereign Identity solutions provider Evernym also secured $8 million in a pre-series A fund, with investors including Overstock’s Medici Ventures and Barclays Ventures.
