Data encryption company Galaxkey is bringing its simple and scalable data security platform to North America. Based in London, the company has gained traction in both the United Kingdom and Middle East, with client organizations such as Barclays, ING Bank and the British Government. Galaxkey will present to CIOs and CISOs at Baker Donelson’s Cybercon 2016 conference as a springboard to launch its plans for growth in the United States and Canada.
“We have been experiencing a high level of interest regarding our encryption platform from the US market. Over the last 18 months, we have launched the platform commercially and released our full API,” explains Laurence Haslop, Head of Global Sales for Galaxkey. “Galaxkey is self-funded and we have invested over $1 million throughout the past three years on intense product development. To realize the potential of Galaxkey and to expand operations in North America, we are raising a $4 million series A round.”
The potential market for Galaxkey’s solution is massive – worldwide spending on public cloud services is expected to exceed $140 billion by 2019. The primary reason that the expectation is not greater than this is put down to fear. Specifically, concerns around security and who may have access to data that is placed in the hands of cloud service providers. Many companies find it challenging to send and store their data within the cloud as this forces them to trust a third party with the security of their data – to monitor for hacks, theft and other security breaches. Galaxkey’s platform encrypts data before it is sent to the cloud, thereby placing control directly in the hands of the data owners. Since only keyholders can decode the encrypted emails or files, data theft from these cloud storage services is no longer a concern. Thieves and hackers who break through security can only access the encrypted files but they will remain incapable of deciphering them. The best part is that Galaxkey automates the key management processes, so that the users will not need to manage (store and distribute) keys. Galaxkey achieves this in the background so it is completely transparent for the users.
Galaxkey, which was recently voted as the 20th Most Influential Brand on Twitter Globally by social insights reporting tool Onalytica, plans to open a new office in Atlanta at the Baker Donelson Cybersecurity Accelerator in January to expand its U.S. market presence. “Encryption is extremely effective at keeping data secure wherever it exists, however implementing and using it often requires significant technical knowledge. Our single click encryption process enables anybody to easily encrypt their data and aids in the widespread utilization by employees through a solution that is practical for use,” says Laurence Haslop, Head of Global Sales for Galaxkey. “We are looking forward to being a part of Baker Donelson’s Cybersecurity Accelerator and the extended Atlanta fintech and cybersecurity ecosystem.”
Galaxkey’s strategic technology partners include hardware security module manufacturer Thales Group and defence contractor BAE Systems. Galaxkey also integrates with TITUS Classification Suite, encrypting sensitive email and documents based on classification and works with a large range of devices including Windows, iOS, Android and windows mobile.