MENLO PARK, Calif., Sept. 14, 2022 /PRNewswire/ -- BGV announced today that its portfolio company Cryptosense, an innovator in cryptography management, has been acquired by SandboxAQ, a leader in Quantum technologies. Sandbox was spun out of Alphabet earlier this year, and the combination with Cryptosense will make a substantial impact in transitioning the French, US, and UK governments, along with the world's leading enterprises, to crypto-agility and post-quantum readiness.
BGV has an intimate understanding of the need for cryptography to protect sensitive data and digital communications. Against the backdrop of the digital transformation the enterprise, BGV's Enterprise 4.0 investment thesis champions startups that successfully combine AI, intelligent automation and proprietary access to data to deliver actionable insights for enterprise businesses.
"When perfectly implemented and maintained, cryptography provides security we can rely on, but when you combine complex IT, with legacy applications and human error, unfortunately errors are hard to avoid," explains BGV Partner Sarah Benhamou. "These errors leave enterprises vulnerable to attack by malicious third parties looking exploit them to steal sensitive data and the threat of such attacks, including recent high-profile attacks such as SolarWinds, CapitalOne and Uber, is growing quickly," she posits. "When we found Cryptosense, we were impressed by the team, the business, and their innovative approach to providing cryptography life cycle management, built for scalability. Cryptosense boasts an incredibly talented team and technology, so this acquisition is excellent news for all parties involved."
Cryptosense CEO Graham Steel says, "After 10 years as an academic researcher working closely with industry, we set out on a mission to develop and deliver tools that would enable enterprises to protect themselves from data theft by ensuring that their cryptography was deployed securely. We're thrilled to join the SandboxAQ family and believe this development will ensure continued growth and excellent cryptography solutions for all of our clients."
SandboxAQ is an enterprise SaaS company that combines AI and Quantum technology to solve hard problems impacting society. Their solutions include post-RSA cybersecurity modules that migrate enterprises to higher levels of security. These Sandbox AQ modules enable post-quantum cryptography (PQC) in line with the new standards that are now emerging in the field.
Cryptosense is an enterprise SaaS company that helps organizations identify and catalog the cryptography leveraged within their applications and infrastructure. Some of the largest technology and financial services companies worldwide use Cryptosense for their cybersecurity needs. Cryptosense announced a $4.8 million funding round in May 2021 backed by Amadeus Capital Partners, Elaia Partners and BGV.
BGV is a global venture capital firm with deep Silicon Valley roots and an exclusive focus on Enterprise 4.0 technology innovation. The partnership sources companies from innovation hubs around the world and deploys financial and human capital from seed stage to IPO. With offices in Palo Alto, Tel Aviv, Paris, and Mumbai, BGV has championed a cross-border venture investing model with a portfolio representing businesses in the US, Israel, Europe, and India. Visit www.bgv.vc to learn more.
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