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Euroventures invests €1.3 million into cloud storage Tresorit

Secure cloud storage startup Tresorit received a 380 million HUF (1.3 million EUR) investment from Euroventures and nine private investors. Their aim is to become market leader among cloud based service providers using shareable encryption.

Tresorit (formerly Tresorium) is an easy-to-use, cloud-based, secure file synchronising software, specifically designed to share confidential data of business users, mainly among small and medium sized enterprises, where there has been no reliable and secure solution available so far.

The software is suitable for making shared directories in a way that the files in the directories are encrypted before uploaded and the encrypted file will get into the cloud. When downloading the file from the cloud it is decryptable only when permitted by the owner. Other users are unable to decode its contents. The special feature of Tresorit is that the encrypted contents are shareable without re-encryption and that the share is reversible.

„Other similar services are just simply not that secure while they are very easy to use. We wanted to achieve the same but using complete encryption. Our technology is an excellent solution to cloud security issues.” – said István Lám, CEO and founder of Tresorit Ltd.

Tresorit were present at several major conferences, such as the Global Security Challenge European Prize, the Intel Challenge Eastern-European finals, the Hungarian Innovation TechShow, and the Innovact Forum in Reims. The professional work of István Lám has also been honored: he has won the Youth Innovation Award, the Youth Bolyai Award, the prize of the GE Foundation Scholar-Leaders and the National Scholarship.

„Tresorit is one excellent example of Hungarian innovation and talent. We are confident that the company will gain a significant international market share using our investment funding and the experience of the investor group.” – said Péter Tánczos, director of Euroventures and member of the Supervisory Committee of Tresorit Ltd.

The team of Tresorit is helped – as investors – by experienced IT experts and entrepreneurs such as Andreas Kemi, Swedish IT entrepreneur, co-founder of Scala, UCMS Group among others, early investor in LogMeln, Quinyx and Márton Szőke, founder of IndexTools acquired in 2008 by Yahoo!, who is now and active investor in IT and biotech enterprises, and Balázs Fejes, SVP, Global Head of Financial Services Business Unitof NYSE-listed EPAM Systems. The first two above mentioned professionals will also join the Supervisory Committee of Tresorit Ltd.

The further development of their technology may lead to its use by large companies and they are planning the development of more cloud-cryptographic solutions as well. The company will launch in public peta in Q4 2012, which will be followed by several products in the next 12 months using its freemium pricing model.

Euroventures is Central and Eastern Europe’s leading independent private equity and venture capital firm. Since 1989 it has invested into Hungarian companies having international ambitions more than 40 times. The firm has been managing the Co-Investment Fund of the EU JEREMIE Program, the Euroventures IV since 2010, which has an extended fund of 7,1 billion HUF after the contribution of the Swiss-Hungarian Cooperation Programme.