StrongSalt, then known as Overnest, appeared at the TechCrunch Disrupt NYC Battlefield in 2016, and announced a searchable encryption product, which remains unusual to this day. Today, the company announced a $3 million seed round led by Valley Capital Partners.
StrongSalt founder and CEO Ed Yu, says encryption remains a difficult proposition, and that when you look at the majority of breaches, encryption wasn’t used. He said that his company wants to simplify adding encryption to applications, and came up with a new service to let developers add encryption in the form of an API. “We decided to come up with what we call an API platform. It’s like infrastructure that allows you to integrate our solution into any existing or any new applications,” he said.
The company’s original idea was to create a product to search encrypted data, but Yu says the tech has much more utility as an API, and that’s why they decided to package it as a service. It’s not unlike Twilio for communications or Stripe for payments, except in this case you can build in searchable encryption.
The searchable part is actually a pretty big deal because, as Yu points out, when you encrypt data it is no longer searchable. “If you encrypt all your data, you cannot search within it, and if you cannot search within it, you cannot find the data you’re looking for, and obviously you can’t really use the data. So we actually solved that problem,” he said.
Developers can add searchable encryption as part of their products. For customers already using a commercial product, the company’s API actually integrates with popular services, enabling customers to encrypt the data stored there, while keeping it searchable.
“We will offer a storage API on top of Box, AWS, Google cloud, Azure — depending on what the customer has or wants. If the customer already has AWS S3 storage, for example, then when they use our API, and after encrypting the data, it will be stored in their AWS repository,” Yu explained.
For those companies who don’t have a storage service, the company is offering one. What’s more, they are using the blockchain to provide a mechanism for the sharing, auditing and managing encrypted data. “We also use the blockchain for sharing data by recording the authorization by the sender, so the receiver can retrieve the information needed to reconstruct the keys in order to retrieve the data. This simplifies key management in the case of sharing and ensures auditability and revocability of the sharing by the sender,” Yu said.
If you’re wondering how the company has been surviving since 2016, while only getting its seed round today, it had a couple of small seed rounds prior to this, and a contract with the US Department of Defense, which replaced the need for substantial earlier funding.
“The DOD was looking for a solution to have secure communication between between computers, and they needed to have a way to securely store data, and so we were providing a solution for them,” he said. In fact, this work was what led them to build the commercial API platform they are offering today.
The company, which was founded in 2015, currently has 12 employees, spread across the globe.
https://ift.tt/eA8V8J Battlefield vets StrongSalt (formerly OverNest) announces $3M seed round https://ift.tt/2lovqoD
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