Cloud Computing Startups Raise Big Money: UPDATE 10
Today, there are two startups in focus – Vaultive and Eccentex.
Vaultive
Cloud data encryption services provider Vaultive recently completed a $10-million funding round led by .406 Ventures, New Science Ventures and Harmony Partners. Headquartered in New York with its R&D center in Tel Aviv, Israel, Vaultive plans to launch its first product next month. Beta testing for the product, Vaultive for Hosted Exchange, is in progress.
“Security remains the primary barrier to widespread cloud adoption. Migrating data to a cloud environment introduces significant security, regulatory compliance, data residency and privacy risks that must be addressed,” said Elad Yoran, Chairman and CEO of Vaultive. “Vaultive was created to solve these problems by enabling organizations to maintain complete control over and extend security to their data in the cloud.”
Vaultive has an impressive roster of security professionals in its ranks. Yoran had founded and led several successful security startups including Riptech, MediaSentry, and Sentrigo, which were subsequently acquired by Symantec, SafeNet, and McAfee respectively. He is also an advisor to the FBI and other government agencies. Chief Strategy Officer Ben Matzkel and Chief Technology Officer Maayan Tal, besides having been senior executives at information security major McAfee, are Israeli Defense Force veterans where they led technology units.
Outlining Vaultive’s appeal, managing director of .406 Ventures Maria Cirino said, “Organizations can save millions of dollars by moving critical business functions such as email to the cloud, but many have been unable to because of the inherent security risks in cloud-based applications. Vaultive is a breakthrough solution for those organizations that have been hesitant or unable to move to a Hosted Exchange solution due to data security, compliance and disclosure concerns.”
Eccentex
Los Angeles, California based Eccentex Corporation has recently announced the raising of $7.5 million in an initial round of venture funding led by VTB Capital. According to the company website, it “offers Cloud Platform-as-a-Service (AppBase) for rapidly building and deploying Dynamic Case Management applications. DCM solutions allow organizations to increase business agility, improve productivity, optimize case outcomes and reduce risk.”
The press release defines DCM as “structured and unstructured business processes initiated by an event that needs investigation and response. DCM solutions uniquely incorporate technologies and best practices from multiple disciplines, including Business Process Management (BPM), Enterprise Content Management (ECM), Business Intelligence (BI), Rules Engines, and Collaboration including Social Media.”
Some examples of DCM applications mentioned are:
Some examples of DCM applications mentioned are:
Service requests
- Customer service, claims, underwriting, customer on-boarding, loan operations, and proposals
Incident management
- Complaints, order management, and medical treatment plans
Investigations
- Fraud investigation, compliance, and eDiscovery
“We are pleased by the recognition and support of an organization with the reputation and financial breadth and depth of VTB Capital. We intend to continue our significant lead in bringing valuable case management capabilities to a broad set of industries that need to handle cases better,” said Eccentex CEO Glen Schrank. “We are dis-intermediating the status quo case management market estimated to be as large as $12 billion with a much easier, accessible, and cost-effective technology platform for any organization that is challenged with processing service requests, incidents, and investigations.”
By Sourya Biswas
[...] in a continuing series on startups raising funding. You can read the latest in the series at: Cloud Computing Startups Raise Big Money: UPDATE 10 . For previous updates, please click on relevant links in the aforementioned [...]