Cryptography Lifecycle Management Company Cryptosense Raises $4.8 Million

By Annie Baker ● May 28, 2021
  • Cryptosense, a cryptography lifecycle management platform, announced recently that they have raised $4.8 million. These are the details.

Cryptosense — a cryptography lifecycle management platform — recently announced a $4.8 million funding round led by Amadeus Capital Partners with participation from BGV and Elaia Partners. And organizations that use Cryptosense to secure their cryptography include 1 of the 2 largest global software companies, 2 of the 3 largest credit card providers, and multiple global government agencies. And the funds will be used to hire senior-level staff across the product and engineering teams, develop the company’s partner program, and further expand the company’s operations across the U.S.

Cryptosense offers deep visibility and actionable insights that enable security professionals to protect against data breaches and ensure they remain compliant with the regulations in their industry. And the platform unlocks the ability to scan applications, filesystems, and network protocols giving a global, real-time, single-dashboard view of how cryptography is being used. Plus Cryptosense’s proprietary algorithm enables access to specialized analysis that’s not readily available to the enterprise, providing on-demand cryptographic audits that uncover errors that a standard pattern-based approach is not capable of detecting. 

Other providers in the space scan apps from an external point of view, but Cryptosense monitors apps from the inside to better understand how they protect data and makes recommendations based on the gathered information. And customers have cited an 80% reduction in the time it takes to demonstrate cryptography compliance after partnering with Cryptosense.

This funding round brings Cryptosense’s total funding amount to $5.6 million. And Cryptosense plans to continue its expansion throughout the U.S. market.

KEY QUOTES:

“We’ve seen countless attacks on the world’s largest corporations that resulted in hundreds of millions of dollars in financial loss in recent years. Much of that data should have been protected by encryption, but it wasn’t, usually because of problems related to cryptography management. The investment we received from these leading international venture capital firms confirms the global need for our solution, and we’re thrilled to be working with some of the largest banks and government agencies to bring a greater level of security to those who need it most.”

— Graham Steel, Cryptosense co-founder and CEO

“As cybersecurity matures, CISOs are looking for solutions that give them visibility on their assets and controls. Until now, cryptography was an unobservable black box. We were impressed with Cryptosense’s vision to create a single source of truth for cryptography use, and the caliber of early customers they have signed up.”

— Nick Kingsbury, Partner at Amadeus Capital Partners

“The acceleration of the post-pandemic cloud migration presents a unique opportunity for Cryptosense and we are proud to support this critical technology.”

— Xavier Lazarus, partner at Elaia

“As the quantum computing sector continues to evolve faster than anyone could anticipate, today’s encryption standards will soon no longer suffice. Cryptography management is a relatively new yet clearly necessary category, and we believe Cryptosense has the unique ability to solve a problem that’s becoming increasingly evident within large organizations.”

— Sarah Benhamou, principal at BGV