GuardTime Raises $8 Million in Series A Funding
The company’s unique approach – generating evidence tags providing independently verifiable proof of integrity – has attracted investors including: Horizons Ventures, a Hong Kong based investment fund focusing on early stage technology companies, Ambient Sound Investments, an investment fund formed by the founding engineers of Skype, Infocomm Investments Pte Ltd (IIPL), a wholly owned subsidiary of the Infocomm Development Authority of Singapore (IDA) that complements IDA’s industry development efforts in Singapore with equity investments and FITOne Capital, a subsidiary of FIT-One Holdings, an IT startup business incubator in Japan.
Joi Ito – CEO of Creative Commons, entrepreneur, and venture capitalist – is an original investor. “For internal control, regulatory transparency and legal admissibility businesses have a lot to gain from having proof that their data is intact” said Mike Gault, CEO of GuardTime. “ The current approach involves buying an expensive hardware/software solution from companies such as EMC, IBM, or Hitachi Data Systems, and relying on rigid and costly internal processes. With GuardTime’s solution proof depends only on the data itself and is free from the storage device, third party trust, or any well kept secret or key”.
“Financial institutions, in particular, are under an enormous amount of pressure to strengthen internal control”, said Benn Shepherd, CEO of JB Drax Honore, the leading brokerage of interest rate options in Europe. “With GuardTime’s solution we can prove to our regulators and auditors that insiders aren't fabricating data and we can do this at a fraction of the cost of existing solutions”.
“GuardTime has the potential to revolutionize the storage industry”, said Chairman Yukihiro Kayama, former global head of Mistubishi’s technology business. “The trend of enterprise adoption of cloud computing will continue to accelerate and GuardTime’s integrity tags provide an extremely cost effective method for businesses to prove that the data in that storage is intact”.
GuardTime's service is helping businesses across a variety of industries, including financial services, government, telecommunications, and healthcare, strengthening control and reducing costs.
GuardTime is headquartered in Singapore and founded in Estonia by cryptography experts Dr Märt Saarepera and Dr Ahto Buldas along with Joi Ito and Ambient Sound Investments (ASI), an investment fund formed by the founding engineers of Skype.
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