Tresorit has closed its Series B financing with an achieved capital of €11.5 million. The Swiss-Hungarian business provides end-to-end encrypted “file sync and sharing” for businesses.
Who is Tresorit?
According to its website, “Tresorit helps you store and share files and documents securely in the cloud. End-to-end encrypted easy access anytime, anywhere.”
The company focuses on secure file-sharing through the cloud and places particular emphasis on its “zero-knowledge technology.”
“Tresorit’s end-to-end encryption and security features can empower your employees to access files anywhere and collaborate internally and externally while keeping confidential information safe and intellectual property secure. Due to zero-knowledge technology, Tresorit cannot hand over or accidentally reveal any of your data.”
In layman’s terms, it offers secure file sharing for businesses with a simple user interface. Tresorit has seen an average recurring revenue grow 3x every year for the last three years and lists major brands such as Canon (OTC:CAJFF), Allianz (OTC:ALIZF), Pfizer (NYSE:PFE) and Emirates as among its 10,000+ customer base.
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Growing
A tripled revenue growth every year isn’t to be ignored and with the rising demand for secure cloud solutions, Tresorit will use the Series B funding to further accelerate its growth.
It will first aim to expand its management team and then increase marketing and sales protocols.
In the words of Tresorit founder and CEO Istvan Lam:
“We are at an inflection point with our business as awareness regarding data protection and cybersecurity threats are getting stronger and demand is set to grow exponentially for our service in and outside of Europe.”
There is a large market potential lying in wait for IT-as-a-service technologies. Currently, this area only sees one-third of IT spending whereas traditional IT expenditure still accounts for two-thirds of spending. Channeling traditional IT expenditure into the cloud is the holy grail for Tresorit as confidence in the security and privacy of cloud storing grows.
Lam continued:
“Many enterprises are holding back from migrating to the cloud due to security and privacy concerns. With security guaranteed by end-to-end encryption, more businesses can and will choose Tresorit’s cloud solution.”
Featured Image: Freepik
