Blockchain Data Privacy Startup StrongSalt has Raised $3 Million in a Seed Financing Round
- Blockchain , FinTech StartUps
- 30.09.2019 06:30 am
StrongSalt, a California-based startup, has raised $3 million in a seed financing round from Valley Capital Partners, the company announced on Thursday.
With the freshly raised funds, the company is planning to develop its encryption platform-as-a-service for developers and enterprises.
Commenting on the funding round, Ed Yu, founder and chief executive of StrongSalt, said: “Every data breach has one thing in common: the data was not encrypted. Existing current data management ecosystem is hackers delight causing trillions of dollars in damage to businesses while exposing consumers.”
“We are veterans in enterprise security technology who were tired of seeing the old ‘wall and alert’ model of security repeatedly fail businesses. We decided that instead of looking at the problem from the outside in, we would build privacy from inside out.”
With its services, StrongSalt targets companies that are facing concerns in managing data with the strengthening laws of the European Union’s Global Data Protection Regulation (GDPR) and the California Consumer Protection Act (CCPA).
Its encryption solutions on the blockchain offer transparency of data and its storage by any enterprise, creating a trusted environment for both users and regulators.
“StrongSalt’s encryption solution is one of the most advanced and easily integrated systems we’ve seen,” said Raymond Choi, general partner at Valley Capital Partners. “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 ill afford to drop the ball from being hacked.”
The company’s API allows the developers to introduce privacy into existing applications and workflows. It APIs are also open for both permissioned and permissionless blockchains.
“StrongSalt is giving privacy back to consumers while making data accessible for businesses in a non-zero sum relationship. As the regulatory environment ramps up enforcement and forces business to conform to tightening laws, businesses won’t have an easy out if the technology isn’t viable or cost-effective,” Steve O’Hara, co-founder and general partner at Valley Capital Partners.