NEW YORK — ShardSecure, inventor of Microshard technology that mitigates data security and privacy risks in the cloud, has closed an oversubscribed $11 million Series A funding round led by Grotech Ventures, with significant participation from Gula Tech Adventures and KPMG LLP, as well as existing investors Tom Noonan, EPIC Ventures, and Industrifonden.
As part of the investment, Steve Fredrick, General Partner of Grotech Ventures, and Ron Gula, Co-Founder and President of Gula Tech Adventures and Co-Founder and former CEO of Tenable (TENB), will join ShardSecure’s board.
ShardSecure has experienced strong customer traction since releasing Microshard technology in late 2020. Microsharding excels at making sensitive data unintelligible in the wrong hands, enabling that data for multi-cloud and hybrid-cloud environments so that companies can evolve their data practices and maintain business continuity.
The three-step Microshard process to shred, mix, and distribute data renders data unintelligible and of no value to attackers, drastically mitigating the risk of data compromise. As a result, ShardSecure’s valuation continues to double every year — as demonstrated by its strong Series A round.
“I am impressed with how ShardSecure’s innovative data security platform can protect the most sensitive resources in the cloud environment,” said Sajawal Haider, Managing Director and CISO at Oak Hill Advisors, a $57B global investment firm. “Oak Hill is pleased to be partnering with ShardSecure as the company grows its customer footprint.”
ShardSecure’s key customers include major financial firms, healthcare and pharmaceutical organizations, global technology businesses, and companies in other regulated industries. As evidenced by its early adoption in these industries, Microshard technology allows clients to quickly and effectively secure their confidential data in the cloud. Advanced data protection abilities also add advanced security to SaaS applications such as Microsoft 365 and support secure cold storage migration from on-premises to the cloud.
