This investment comes in the wake of Virtru’s extraordinary growth over the last year, including adding 3,000 new customers and tripling revenue. Proceeds from the financing will be used to expand Virtru’s email and file data protection solutions, scale operations, expand internationally, and establish the Trusted Data Format as the world’s common open standard to protect data.
Virtru’s data privacy solutions allow enterprises and government agencies to easily secure and share their most sensitive data while maintaining control over who can access their content. Where traditional approaches provide porous walls around company systems or checkbox solutions that are too difficult for practical use, Virtru provides an easy-to-use solution that protects any type of data, wherever it’s shared.
“The stakes have never been higher for data privacy and Virtru has built an unmatched data protection platform, serving a multi-billion-dollar enterprise market,” said Will Griffith, Partner at ICONIQ Capital. “In speaking with many of their customers, it’s clear that Virtru addresses an urgent need where many others have failed – namely an easy-to-use way to protect corporate data wherever it is and wherever it goes. We are excited to partner with this talented team as they continue to grow the business.”
Regulated content, intellectual property, personal information governed by GDPR, and other sensitive information are the lifeblood of the enterprise, and that vulnerable data must be shared inside and outside of the organization. Control of sensitive data is particularly challenging for companies moving to public clouds. Yet firewalls and other network security solutions cannot reliably protect enterprise data. The Virtru platform was built from the ground up to address the most vexing issues facing enterprises and governments – ensuring that valuable information is protected and access is controlled, while permitting easy sharing with authorized partners, customers, and suppliers.
Virtru’s initial focus has been on protecting sensitive information shared by email, a historically difficult problem where legacy approaches fail in both ensuring protection and in user experience. Virtru is now moving to protect content shared using other common enterprise workflows including file stores, collaboration platforms, and structured data systems.
“The endless wave of massive breaches is exhibit A that many security market vendors are selling snake oil,” said John Ackerly, CEO of Virtru. “It’s either checkbox compliance, designed for a bygone era when all your information could be safely locked down inside your firewall, or it’s too difficult for practical use. We’ve taken a different approach — we protect corporate data wherever it travels. And we make it easy to use and manage.”
Added Ackerly, “Our partnership with ICONIQ and ongoing support from existing investors opens new horizons for Virtru, allowing us to make critical investments in innovation and scale, with the aim of helping many more customers around the world. We’re grateful for our investors’ support.”
In connection with ICONIQ’s investment, Mr. Griffith has joined Virtru’s Board of Directors. Morrison & Foerster LLP served as legal counsel to Virtru in connection with the financing.
Virtru eliminates the tradeoff between data protection and ease of use. More than 8,000 organizations trust the Virtru Data Protection platform to easily protect and control sensitive information regardless of where it’s been created, stored or shared. Only Virtru comes with patented Secure User-First Technology, which allows users anywhere, on any device to work the way they do today—without requiring a separate log-in, user interface or application. Virtru is privately funded with investments from ICONIQ Capital, Bessemer Venture Partners, New Enterprise Associates, Samsung, Blue Delta Capital, Thyra, Soros Capital, and others. Learn more at www.virtru.com.
About ICONIQ Capital
ICONIQ Capital is a privately-held investment firm that serves some of the world’s most influential families and organizations. ICONIQ provides financial advisory and family office services, and manages direct investments across asset classes, with specific focus on technology growth equity, venture capital, middle market buyout and real estate.