NEW YORK, March 3, 2020 /PRNewswire/ -- ShardSecure™, the data protection company whose Microshard™ technology helps organizations accelerate cloud adoption by mitigating cloud misconfiguration and data security risks, announced today that Industrifonden has participated in the company's oversubscribed seed round, joining lead investor SineWave Ventures, Tom Noonan, 500 Startups and others in the investment round originally announced late last year. Stockholm-based Industrifonden is one of the largest and oldest early-stage venture capital firms in Northern Europe, with $700M under management.
"ShardSecure is thrilled to welcome Industrifonden as a significant investor in our growth journey," said CEO & Co-founder, Bob Lam. "Industrifonden has a long and successful track record of backing early-stage startups. We look forward to working with Hadar and his team as we bring our data protection technology to market this year."
Industrifonden Investment Director, Hadar Cars, also shared his enthusiasm about the announcement, adding, "Industrifonden is pleased to be adding ShardSecure to our portfolio as we see them filling an urgent need in the cloud data protection market. The prevalence of security incidents caused by cloud misconfigurations, and the resulting financial and reputational damages, present a significant hurdle for organizations looking to migrate more of their workloads to the cloud. ShardSecure's Microshard technology tackles the problem at the source by reducing the sensitivity of data, providing a critical security solution that will help organizations accelerate cloud adoption with reduced risk and compliance burden."
The oversubscribed funding round positions ShardSecure well for growth. Funds will be used to build an experienced sales and marketing team to bring the Microshard data protection technology to market this year as well as to continue strengthening an already robust development team. Learn more about ShardSecure at www.shardsecure.com.
ShardSecure's Microshard™ technology offers protection for storing and sharing sensitive data in the cloud. ShardSecure provides a critical security layer in the age of cloud, breaking down and distributing data to render it meaningless to cybercriminals. Enterprises rely on ShardSecure to store data securely in the cloud and on-premises, and to lower compliance costs by reducing data sensitivity. Learn more at https://www.shardsecure.com/.
Industrifonden is a Nordic venture capital investor based in Stockholm. Industrifonden invests in emerging science and technology ventures that have a meaningful impact on society. Their portfolio includes companies like Funnel, ScandiNova and Nuovoair. For more information, visit www.industrifonden.com
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