The investment seeks to fortify Intel’s footprint in the cloud-data sector by boosting Fortanix’s Runtime Encryption offerings.
Fortanix have raised Series-B funding of USD 23 million from Intel Capital to protect data in the systems from vulnerabilities. With this investment, Intel Capital aims to consolidate their footprint in the cloud-data sector and help Fortanix remove complex and intractable security challenges.
According to Fortanix, the adoption of cloud has raised security issues because of the large amount of data stored in the cloud. They say that this data-in-the-cloud needs to undergo multiple levels of encryption since it is stored at remote data center locations.
Intel Capital say that Fortanix are helping enterprises solve today’s cloud security and data privacy problems by removing complex and intractable security challenges. They say that Fortanix leverage machine learning algorithms to help secure an organization’s data in public, private and hybrid cloud environments.
By investing USD 23 million in Fortanix, Intel Capital say that they will use the funding to meet the increasing demand of the former’s Self-Defending Key Management service. They believe that the collaboration will help solve complex cloud-data privacy problems by leveraging hardware-based solutions like Intel SGX.
Intel Capital say that investment will allow Fortanix to focus on GDPR privacy rights and requirements as well. They claim that the investment will help Fortanix to solve security issues when it comes to blockchains with advanced algorithms.
Industry experts opine that a total investment of USD 31 million in Fortanix will allow them to scale across different markets globally. It will be interesting to see how Fortanix make the most of this investment, following the alliance of Alibaba with Fortanix for cloud security.
