Hungarian secure cloud storage startup Tresorit successfully closed a $3 million Series-A funding round to help further develop its “patent-pending” cryptographic encryption technology and market the service in the U.S. and Europe. The investment round was led by previous backer Euroventures. Several entrepreneurs also participated in the funding round, which brings the total capital raised by the company to $4.7m.
Tresorit, whose name comes from the German word “tresor” meaning lockable, armoured cabinet, was founded in 2011, The company has developed a cloud-based file-synchronising software that allows business users to share files confidentially. Its software uses end-to-end encryption to ensure security, meaning that you - and only you - have access to the “keys” needed to access your files. According to the company, without losing the convenience of being able to collaborate and share files with others.
To put some weight behind its claims of unmatched security, Tresorit offered a $10,000 bounty in April last year to any individual capable of breaking into its service. The bounty was raised to $25,000 in November, and recently increased to $50,000 with the public launch of the service. To date, more than 1,000 security professionals and experts from institutions including MIT, Stanford and Harvard have tried unsuccessfully to break its encryption technology, rendering it “unhackable”, says the startup.
The free version of Tresorit offers up to 16GB of data, while premium Pro and Business plans provide 20GB of storage and additional features for $12.99 per month and $19.49 per month, respectively. If you’re interested in giving Tresorit a whirl, you can head here for a free, limited 30-day trial of the service’s premium features.
The company's first institutional funding round occurred in January 2012, when Tresorit raised $1.7m from Euroventures, with the support of entrepreneurs Andreas Kemi and Marton Szoke, amongst others. The firm plans to use the funding to develop its cryptographic encryption technology and expand internationally.
