As large-scale data breaches become more commonplace, Ionic Security is betting that encryption is the way to go for enterprises to protect themselves, and its taken in a $40.1 million series C funding round to prove its point. The startup now has a total of $78.1 million.
The basic premise behind Ionic Security is to secure company data — regardless of file type — through encryption so that an organization’s information can remain safely scrambled from prying eyes in case of a break-in or document leak, explained Ionic Security founder and CTO Adam Ghetti.
The Atlanta-based startup’s technology platform is “all about protecting data in such a way so unauthorized users shouldn’t be able to do unauthorized things,” said Ghetti.
Ghetti didn’t go into details on how exactly Ionic Security’s technology does this, citing that the company is still in stealth mode and plans on explaining more of its platform once the product hits general availability and formally launches in the first half of 2015.
He did say that Ionic Security is different from other encryption-centric security startups out there like Veradocs (which took in $14 million in a November funding round) in that the company wants to make sure that its encryption technology can play nice with the majority of document and file types in existence; organizations should be able to use Ionic Security’s encryption platform regardless of what operating system or device they want to safeguard.
“Ionic is a platform that doesn’t care about the construct of the data itself,” said Ghetti.
Users have to install a small on-premise component that houses their encryption keys (Ionic doesn’t hold those items), and the rest of the encryption technology is delivered as a software-as-a-service, Ghetti explained.
Meritech Capital Partners drove the funding round along with Kleiner Perkins Caufield & Byers, Google Ventures, Tech Operators and Jafco Ventures. Meritech Capital Partners’s managing partner Mike Gordon will be taking a seat on Ionic Security’s board.