Fortanix raises $23 million in funding for cloud security and encryption

The company offers two main platforms that are meant to protect the data clients use and the various keys they need to run their applications.

Fortanix, a cloud security company, announced Wednesday that it raised $23 million in a Series B funding round led by Intel Capital with participation from past investors Foundation Capital and Neotribe.

The company offers two main platforms that are meant to protect the data clients use and the various keys they need to run their applications. The products are aimed at enterprises that rely on cloud services for their infrastructure and containerization to run their applications.

Intel Capital’s director, Sunil Kurkure, is joining the Fortanix’s board of directors as part of the deal.

The company’s Self-Defending Key Management Service is designed to protect the sensitive information customers needed to run their systems securely, like cryptographic data, API keys, passwords, tokens and others. The Runtime Encryption platform is meant to protect data while it’s in-use “in untrusted environments such as the public cloud and remote clouds.”

“Fortanix uniquely helps protect encryption keys, databases, machine learning algorithms, and containers to help secure organizations’ data in private, public and hybrid cloud environments,” said Fortanix CEO Ambuj Kumar, in a press release.

The two platforms run on Intel’s SGX, an architecture aimed at running and securing applications that operate in different “enclaves” on a system’s memory.

The company said it plans to use the funding to expand internationally and “meet the increasing demand” for its two main products.

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