SANTA CLARA, CA--(Marketwired - October 25, 2016) - Baffle, Inc., today announced it has closed $3 million in funding led by True Ventures, with participation from Engineering Capital. Baffle also announced an early access program for the company's new end-to-end encryption solution as a service.
Baffle protects data and makes data breaches irrelevant because data remains encrypted, not only when it is stored on-premise or in the cloud, but also when it is being processed by databases and applications. With automated self-monitoring and enhanced performance of the encryption process, Baffle makes it easy to provide end-to-end protection for all sensitive data.
According to a report from Breach Level Index, more than 5.3 billion data records have been lost or stolen since 2013, yet only 4% of these breaches involved data that was encrypted. During 2015 alone, 169 million confidential records were stolen across sectors including healthcare, retail, financial services, and government -- and 85% of these data breaches were due to compromised administrator credentials.
Baffle counteracts this threat by making encryption easy to implement without impacting application performance. When deployed, even if an administrator's credentials get compromised, any data that is taken will remain encrypted, and therefore useless to the hacker.
Baffle's investors believe that the company's solution will be more effective for the evolving strategies of IT organizations in an era when data breaches are becoming increasingly common. "Since data breaches are so commonplace today, we have to anticipate them. It's more of a matter of when, not if, they will occur. Solving this problem requires a totally different approach to data encryption. Ameesh, Priyadarshan, and the Baffle team are pioneering this," said True Ventures Partner Puneet Agarwal.
"We believe that Baffle is solving a fundamental problem that enterprises face as they migrate to the cloud. I am delighted to welcome True Ventures to join us as an investor in Baffle," said Ashmeet Sidana, investor and board member, Engineering Capital.
Baffle's customers are adopting a different mindset for data security with the new approach of encryption as a service, which is changing the way that organizations protect their data from breaches. "Our customer's data security is of paramount importance to us. We have determined that Baffle's encryption as a service is the most secure solution available and are excited to offer it as part of our Managed Cassandra platform," said Ben Slater, Chief Product Officer at Instaclustr, Inc.
"Public cloud adoption has heightened customers' concerns about the security of their data, especially for sensitive application workloads. Baffle's new end-to-end data encryption solution renders any stolen data useless to hackers, even if they have compromised the credentials of a database administrator," said early Baffle investor Peter Cohen, founder of Xendota, 17-year Amazon veteran and AWS co-founder.
Baffle's new end-to-end encryption solution has been released for early access. For more information, visit http://www.baffle.io.
Baffle has released the world's first solution for end-to-end data encryption for early access. Baffle has the ability to protect data at all times from production through processing, including when in use, with a simple delivery mechanism to help organizations in media, financial services, healthcare and other sectors migrating data stores to the cloud. For more information, visit http://www.baffle.io.
About True Ventures
Founded in 2005, True Ventures is a Silicon Valley-based venture capital firm that invests in early-stage technology startups. With five funds and capital under management in excess of $1.3 billion, True provides seed and Series A funding to the most talented entrepreneurs in today's fastest growing markets. With a mission to make the world a better place for entrepreneurs, True encourages each founder's vision and has built resources to empower the employees, families and communities of its portfolio companies. The firm maintains a strong founder community and offers innovative educational opportunities to its portfolio, helping entrepreneurs achieve higher levels of success and impact. With more than 200 companies funded and multiple companies acquired, the current True portfolio has helped create over 8,500 jobs. To learn more about True Ventures, visit www.trueventures.com.