Encryption Startup StrongSalt Raises $3 Million in Seed Round
- The company plans to use the new investment to further the development of its encryption platform, which will bring standardized encryption techniques to blockchain.
- Backed by three encryption-related patents, the startup is planning to release its encryption API platform in Q4 2019.
StrongSalt, then known as OverNest, at the TechCrunch Disrupt NYC Battlefield in 2016. TechCrunch
Platform-as-a-service company StrongSalt has raised $3 million from Valley Capital Partners in a seed round, the firm announced in a press release on 26 September.
According to the Thursday announcement, StrongSalt will use the raised capital to further the development of its encryption platform for developers and enterprises, and to bring standardized encryption techniques to blockchain. The company wishes to build an encrypted ecosystem, which will allow personal data to be kept private, and will defend against theft and fraud.
The startup already has three encryption-related patents, and is planing to release its application programming interface (API) product during this year’s AWS re:Invent conference in Las Vegas.
StrongSalt also claims to be the first company to offer a platform for developers, which will allow them to “bake” privacy into existing applications and workflows. The press release also states that their API’s are blockchain agnostic, meaning they can work with almost any blockchain, and that the encryption service can work both with permissioned and permissionless blockchains. Raymond Choi, General Partner at Valley Capital Partners, said:
“StrongSalt’s encryption solution is one of the most advanced and easily integrated systems we’ve seen. 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 not afford to drop the ball from being hacked.”
The press release further revealed that the company, which was founded by the former founding engineer of cybersecurity company FireEye, Ed Yu, will be welcoming Raymond Choi and Steve O’Hara, co-founder and general partner at Valley Capital Partners, into its board of directors.
- The initial vesting period for early investors and contributors of Optimism is about to end on 31 May, an event that will double the circulating supply of OP tokens.
- The event is raising concerns about the future price of the token, considering seed investors Paradigm and IDEO are sitting on a potential profit of more than 10,000%.
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- The venture capital firm, which invested in FTX before its collapse, is reportedly exploring the possibility of injecting new capital to revive the bankrupt crypto exchange.
- Unnamed sourced noted that Tribe Capital was contemplating leading a $250 million fundraising campaign for FTX, to which it would commit $100 million.
- The new funding will help Chaos Labs build out and expand its suit of risk and security products that can help DeFi protocols.
- The seed funding round was co-led by PayPal and Galaxy Digital, but also saw participation from including Coinbase Ventures, Polygon, Avalanche, OpenSea, Uniswap, and others.