Venafi, a startup engaged in protecting security certificate and encryption management, has received funds amounting to $39 million from Intel Capital, Silver Lake Waterman, and QuestMark Partners. Intel Capital is an investment arm of Intel Corporation (NASDAQ:INTC). The funds will be utilized to develop products for the Internet of Things and for expanding the client base.
Communication with an enterprise network or the trusted entity over the Internet is ensured with the help of security certificates and cryptographic keys. The firm carefully analyzes and informs the user whether the web is secure and its security certificates/ keys are valid for trusted communication.
It filters out the bad keys and certificates, replaces the bad certificates and keys with trusted ones and ensures safe communication. It prevents information falling into wrong hands. The users are advised not to use the expired certificates and keys and seek the help of Venafi to replace the expired certificates with enhanced protection. It prevents an access to the hackers and safeguards your sensitive information.
According to Chief Executive Officer, Jeff Hudson at Venafi, the company identifies the bad certificates and says which are all safe. It uses an automated system to block the invalid certificates.
It also ensures seamless connectivity with other cyber security platforms/ products from Verisign, Inc. (NASDAQ:VRSN), Symantec Corporation (NASDAQ:SYMC), A10 Networks Inc (NYSE:ATEN), Palo Alto Networks Inc (NYSE:PANW), and Blue Coat Systems Inc (NASDAQ:BCSI).
The company will crawl into the new markets like office and home products that embrace Internet of Things. It involves managing security certificates and cryptographic keys for each of the WiFi enabled a device like a physical security system or light system.
Most of the business executives are unaware that each device in an enterprise network provides an access to the hacker. The ports will be blocked with security certificates from Venafi and prevents intruder access.
Venafi gets into the business through educating the users about the security risks posed to their businesses from the hackers and its potential implications.
With the latest funding, Venafi will be able to expedite Venafi Trust Protection Platform development to safeguard more than 5000 government agencies and businesses across the world.
Some of the vulnerabilities and security breaches in the past 12 months include hacking of Sony Corp (ADR) (NYSE:SNE) Pictures. All such firms require protection from cyber criminals.