- Data protection company ShardSecure announced it raised a secured seed funding in a round led by SineWave Ventures
Data protection company ShardSecure — which is known for its Microshard technology — helps organizations accelerate cloud adoption by mitigating cloud misconfiguration and data security risks announced it has secured seed funding in a round led by SineWave Ventures with participation from Tom Noonan, 500 Startups, CTM Insights, and The Fund. And Noonan is also joining the company’s Advisory Board.
ShardSecure’s patent-pending Microshard technology essentially breaks sensitive data into tiny fragments that are distributed across multiple clouds and poisoned with false shards, making it nearly impossible for hackers to reassemble. And by drastically reducing the sensitivity of data, ShardSecure helps customers in regulated industries lower compliance costs and complexity thus enabling even the most security-conscious to accelerate cloud adoption.
“Cloud-related data breaches such as this summer’s Capital One hack confirm that cloud misconfiguration risks remain the top concern for major enterprises in their cloud migration journey,” said ShardSecure co-founder and CEO Bob Lam. “ShardSecure’s Microshard data protection technology significantly mitigates cloud misconfiguration risks and allows customers to avoid the financial and reputational damages caused by data breaches in the cloud. We’re thrilled to have the backing of SineWave and other co-investors in bringing ShardSecure’s Microshard technology to market in 2020. We are also very privileged to have the confidence of long-time security industry leader Tom Noonan personally investing in ShardSecure and joining our Advisory Board.”
SineWave Ventures general partner and former Chief of the National Security Agency’s Trusted Systems Research Group Pat Muoio is joining ShardSecure’s Board of Directors as a Board Observer.
“SineWave is very excited to add ShardSecure to our portfolio. Their Microshard technology provides excellent data protection. It is a practical solution that is particularly useful to companies that want to retain control of their data when moving to the cloud, or to companies burdened by expensive data oversight. We see it filling an important gap in the data security ecosystem,” added Muoio.
ShardSecure is considered the only data protection provider capable of fragmenting data into single-digit bytes without sacrificing performance. And ShardSecure recently beat over 70 other early-stage companies to win the “Judges’ Favorite Startup” award at the AWS Winning Pitch Deck competition in New York City.
“As the inventor of Microsharding data, CTM is thrilled to participate in this funding round,” explained Lou Steinberg, Managing Partner at CTM Insights. “As the former CTO at TD Ameritrade, I experienced the need for reducing data sensitivity firsthand along with the security and compliance benefits it brings. It’s exciting to see the concept come to market.”
With this round of funding, the company plans to ramp up product development for Microshard data protection technology and to establish initial sales and marketing efforts. And ShardSecure is currently working with select early adopter “design partners,” including Fortune 500 organizations in healthcare and financial services. This product will become generally available in the first half of 2020.