A new encryption-as-a-service company raised $3 million to bring standardized encryption techniques to the blockchain.
Data privacy startup StrongSalt announced Thursday the closing of a seed round from Valley Capital Partners.
Backed by three encryption-related patents, StrongSalt will release its API product later this year at the AWS re:Invent 2019 conference in Las Vegas, Nevada.
StrongSalt "Bakes" its encryption service into workflows and applications and pairs with both permissioned and permissionless blockchains.
"StrongSalt is chain-agnostic, as we can work with almost any blockchain," StrongSalt CEO Ed Yu told CoinDesk.
"We use blockchain mainly for three reasons: availability of data, reliability of data and shareability of data."
Yu told CoinDesk blockchain technology is used for the security of sharing hashed data on the platform as well as with customers.
Raymond Choi of Valley Capital Partners said businesses need trustworthy security mechanisms, something that StrongSalt addresses.
"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."
Valley Capital's Steve O'Hara, who will be joining the StrongSalt board, said the current regulatory environment was the impetus for investing in the company.
Data Privacy Startup StrongSalt Raises $3 Million for Encrypted API Service
Published on Sep 26, 2019
by Coindesk | Published on Coinage
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