Join today’s leading executives online at the Data Summit on March 9th. Register here.
Today, data protection and privacy provider Titaniam announced it has raised $6 million from a seed funding round.
The organization was founded by cybersecurity entrepreneur Arti Raman, the first woman to be awarded the Rosenthal award for outstanding contributions to investment and finance. As a company, Titaniam provides enterprises with a data protection platform they can use to build applications with native resistance to data compromise with encrypted data processing.
For technical decision makers, the solution offers an opportunity to build secure applications with queries and analytics capabilities that take place without data being decrypted and exposed to unauthorized users.
Reaching zero vulnerability
The company’s announcement comes as organizations across industries face increasing difficulty in preventing data breaches. The Identity Theft Resource Center’s 2021 Data Breach Report found that there were 1,862 data breaches last year, which is a 68% increase from 2020, according to the report.
Part of the challenge lies in the fact that modern threats are becoming so sophisticated that the complexity of the security industry has increased to a point where it’s difficult, even for top professionals, to secure enterprise environments completely.
“With threat actors becoming highly sophisticated and infrastructure becoming an enormous mess of components from a wide variety of sources scattered across cloud platforms, on-premise, and hybrid architectures, there is no way for the enterprise to get to a state of zero vulnerability. When vulnerability becomes a fundamental property of the enterprise, then security [of] its data must take on a similarly fundamental nature,” said founder Arti Raman.
“Titaniam provides this fundamentally game-changing capability via a rich data protection platform. Individual modules plugin into existing and new architectures without disrupting application functionality and data usability,” Raman said. “The platform manages keys and data as it flows within and across Titaniam protected systems across the enterprise.”
A non-homorphic or tokenization encryption solution
Titaniam is the newest entrant to the data protection market, a space that researchers estimate will be worth $181.4 billion by 2026, and is competing indirectly against homomorphic encryption providers and tokenization vendors.
One such provider is IBM, who’s using Fully Homomorphic Encryption (FHE) to provide a solution to protect data in rest and transit, and prevent it from being decrypted during computation.
However, Titaniam takes a unique approach in setting itself apart from competitors because it “does not offer homomorphic encryption and instead relies on a combination of traditional encryption and privacy techniques applied to big data and search platforms. This makes us light, fast, and practical for bread-and-butter use cases within the enterprise,” Ramat said.
It also differs considerably from the experience offered by tokenization providers. “Tokenization renders data unusable for full-featured search and analytics. And while Titaniam does provide tokenization as one of nine special data release format, customers look at us as a way to retain usability of data while still maintaining the benefits provided by tokenization,” Ramat explained.
Titaniam’s funding round was led by Refinery Ventures with participation from Fusion Fund, Tokyo Marine Future Investments Fund, and Shasta Ventures.
VentureBeat’s mission is to be a digital town square for technical decision-makers to gain knowledge about transformative enterprise technology and transact. Learn More
Source: Read Full Article