We got an exclusive look at the 14-slide pitch deck data encryption startup Fortanix used to raise $90 million from investors like Goldman Sachs
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- Fortanix helps companies secure their data through encryption tech called confidential computing.
- The cybersecurity startup raised a $90 million Series C round, led by Goldman Sachs Growth Equity.
- Check out the pitch deck that helped them raise a successful late-stage round in a market downturn.
A cybersecurity startup that helps companies secure their data has raised a $90 million Series C round, led by Goldman Sachs Growth Equity.
The startup, Fortanix, uses patented technology, called confidential computing, to encrypt company data and ensure its security, even when hackers have breached the company’s network.
Current cybersecurity approaches focus on securing networks, hardware, and software — in other words, the channels through which hackers try to access company data, says Fortanix cofounder and CEO Ambuj Kumar. However, with the growth of hybrid work and cloud usage, data has become increasingly distributed across geographies and third-party apps, leaving companies more vulnerable to attacks.
“Security is about data, but people have invested lots of brain power and energy into securing the networks and infrastructure,” Kumar said. “So Fortanix was the first company to ask this question: ‘Hey, if the goal of security is to secure data, why not start with securing that?'”
Fortanix’s main differentiator is its ability to secure “data in use,” which refers to data that is actively being accessed and processed by users. Data is most vulnerable in this state, as processing often requires it to be unencrypted.
Fortanix’s confidential computing technology protects data in use by processing it in a secure, isolated area called an enclave that prevents unauthorized access, Kumar explained.
Because Fortanix focuses on securing data, it also works in tandem with existing security approaches that address the networks and apps that hackers usually attempt to breach, leading to a stronger multi-layered security approach, Kumar added.
Goldman Sachs’ security team, a Fortanix customer, found their product so compelling that they asked Goldman’s investment team to take a look at the startup. Goldman Sachs Growth Equity led the company’s Series C round, which raised $90 million in capital with participation from GiantLeap Capital and a number of existing investors. The latest round brings the company’s total funding to over $122 million.
Kumar told Insider that bringing on Goldman as an investor was a step towards the company’s next major milestone of going public. In preparation for the public markets, the startup has focused on improving customer retention and satisfaction in order to lower the costs of bringing on new customers or selling new products to existing customers.
In doing so, Fortanix will move towards profitability, which is becoming increasingly important in the tough IPO market.
Check out the 14-slide pitch deck Fortanix used to woo investors like Goldman Sachs Growth Equity in its latest $90 million Series C round.