Vaultree awarded grant by European Innovation Council (EIC)
Following a highly selective evaluation process, the data-in-use encryption company was chosen as one of a select cohort of 78 out of 1,092 European innovators.
CORK, Ireland – Jan 18, 2023 – Vaultree today announced that it has been selected by the European Council to join its EIC Accelerator program, which awards the most innovative companies in Europe through a combination of grants and equity investment. As part of the program, established under the EU’s Horizon Europe, Vaultree received funds to support further development of its Fully Homomorphic and Searchable encryption breakthroughs.
Beating out hundreds of companies via a highly selective and rigorous evaluation process, Vaultree was chosen as one of a select cohort of 78 out of 1,092 European innovators. Vaultree is also the only Irish start-up to make the latest cohort and is among 16% of successful applicants that will receive the prestigious grant.
In addition to financial support, as an EIC project, Vaultree will benefit from various forms of support, including access to expertise, corporate and ecosystem connections, and investors.
With data security being such a perennial concern across every industry, the EIC support, in addition to its recent $12.8m Series A funding round, will bolster Vaultree’s mission to bring a new level of protection to enterprises worldwide, while rendering breaches powerless and leaks irrelevant.
“With the severity and frequency of breaches snowballing, the demand for data privacy is booming. Vaultree’s simplicity, usability and scalability will give us a strong foothold in this enormous market,” said Ryan Lasmaili, CEO and co-founder of Vaultree.
“The idea is to democratize and demystify data privacy and encryption. As we move towards a world where every human will have ’privacy traces’ online, we are tackling a real-world issue. Data security is not only one of today's hot topics but also the topic of tomorrow.”
Vaultree’s end-to-end encryption makes it possible to work with fully encrypted data without the need to decrypt the information or surrender security keys. The solution enables companies — with Vaultree's breakthroughs in Fully Homomorphic and Searchable Encryption — to perform processing of encrypted data at close to plaintext speed without the need for any major technology or platform changes – a major leap forward in the secure, scalable processing of data.
“Our innovative and patented technology creates highly competitive entry barriers, allowing us time to exploit our edge,” said Tilo Weigaindt, COO and co-founder of Vaultree.
“Currently, our SDK serves the most common database types and frameworks to start with the highest market penetration. The database types are MySQL, PostgreSQL, MariaDB and Oracle, totalling up to 70% of the serviceable market at the current stage. With the investment in growth and product development, we will soon be able to serve all remaining database types. Besides building new features for Vaultree’s Fully Functional Data-In-Use Encryption SDK, we will invest in new products based on data-in-use encryption to revolutionize data protection.”
Vaultree has developed the world’s first Fully Functional Data-in-Use Encryption solution that solves the industry’s fundamental security issue: persistent data encryption, even in the event of a leak. Vaultree enables enterprises, including those in the financial services and healthcare / pharmaceutical sectors, to mitigate the great financial, cyber, legal, reputational, and business risk of a data breach in plain text. With Vaultree, organizations process, search and compute ubiquitous data at scale, without ever having to surrender encryption keys or decrypt server-side. If a leak occurs, Vaultree’s data-in-use encryption persists, rendering the data unusable to bad actors. Integrating Vaultree into existing database technologies is seamless, requiring no technology or platform changes. Vaultree is a privately held company based in Ireland and the U.S. For more information, please visit www.vaultree.com.