Oversubscribed round validates company’s data-first approach to solving cloud security and privacy issues for global businesses thwarting data breaches and ransomware
Fortanix Inc., the data-first multicloud security company and the pioneer of Confidential Computing, announced $90 million in Series C financing bringing the total amount the company has raised to over $122 million. The round was led by the Growth Equity business within Goldman Sachs Asset Management (Goldman Sachs) with participation from GiantLeap Capital as well as the existing investors Foundation Capital, Intel Capital, Neotribe Ventures, and In-Q-Tel. Soumya Rajamani, Vice President at Goldman Sachs, will join Fortanix’s board of directors.
“We constantly look for companies with disruptive technologies and have seen the benefits of its data-first approach”
The funding builds upon the significant and sustained growth Fortanix has experienced despite the pandemic and the recent macro-economic conditions. The company has gained customers across multiple verticals including some of the highly regulated industries. Traditional network security led approaches have not been entirely successful in preventing data breaches and ransomware. Regulatory requirements have increased as have penalty amounts. The data-first approach to security advocated by Fortanix tackles this problem head-on by decoupling security from infrastructure, and provides an elegant way to secure data, wherever it is. It further allows organizations to credibly conform to privacy laws and regulatory requirements globally including GDPR, Schrems II, HIPAA, PCI, ITAR and several others.
“We constantly look for companies with disruptive technologies and have seen the benefits of its data-first approach,” said Soumya Rajamani, Vice President at Goldman Sachs. “Many businesses can relate to the challenge of data security and privacy, and we are proud to support the Fortanix team in their mission to solve security and privacy.”
Fortanix’s innovative approach, backed by more than 25 patents, has resonated in the market. The company counts dozens of Fortune 500 companies as its customers, as well as several U.S. government agencies. The company experienced more than 500% growth over the past three years, placing it in the top quarter of the annual Inc. 5000 list of the fastest-growing private companies in America for 2022.
“I am grateful to the new and existing investors for their confidence in the Fortanix team and our technology, and I am thrilled to welcome Soumya Rajamani to our board of directors,” said Ambuj Kumar, CEO and co-founder of Fortanix. “Cybersecurity is one of the most important needs of our current era. This fundraise is a strong validation of the massive market opportunity ahead as we execute our bold mission.”
Fintech News Desk is a trained group of web journalists and reporters who collect news from all over the financial technology landscape. The financial services innovations include latest and advanced developments related to Digital banking, wallets, AI, ML, IT, Cloud Security, Privacy and Security, Cyber threat intelligence, Space, Big data and Analytics, Blockchain, and Crypto.
To connect, please write to Fintech market analyst at firstname.lastname@example.org.