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.