Fortanix recently closed a $23 million Series B round of funding led by Intel Capital. The company’s total funding is now $31 million.
Round participants included existing investors Foundation Capital and Neotribe. In addition, Intel Capital director Sunil Kurkure will join the Fortanix board of directors.
The funding will be used to expand all facets of Fortanix to meet the increasing demand for its Self-Defending Key Management Service and Runtime Encryption platform. In addition, this investment will fuel the company’s rapid global acceleration, where it is already seeing significant revenue and growth. The funding will further Fortanix’s work with Intel and support the companies’ joint strategy of driving the ability for enterprises to securely move data from on-premise and offsite to the cloud, while expanding Fortanix’s reach in the market.
The funding will also benefit Fortanix’s growing channel program, which was launched in 2018.
“After launching our channel program last year, we have more than a dozen channel partners focused on transforming data security,” explained Tammy Schuring, Fortanix’s new channel chief and SVP of sales. “As the cloud continues to expand and data explodes exponentially from where it was a mere two years ago, the need to protect the data and the tsunami of keys this protection brings is staggering. We are excited to continue to partner with, enable and focus on, a channel that will bring the Fortanix solutions to the world to manage the keys, the data and the environments easily and securely. The funding announced this week will enable us to bring sales teams to key markets across the globe, along with sales enablement resources to intensify our channel presence in a significantly. I am thrilled to expand our channel presence based on the new funding.”
“My philosophy as the head of sales has always been to bring solutions to the world in a way that is much greater than ‘reps times quota.’ We will at Fortanix continue to find ways to leverage our partners to reach further and faster as we enable a world where the breach is a non-event as no information is susceptible to theft,” Schuring continued. ” We will go beyond linear growth through the power of the channel. The funding announced will enable us to grow the sales and partner enablement teams as well as our channel tools across the globe. We will be targeting a much broader set of VAR, Systems Integrator and Cloud Service Provider partners while providing partner enablement kits with simple pricing, concise collateral, and an enhanced appliance for accelerated adoption.”