Investment to support PreVeil’s expansion into new markets
PreVeil, a provider of cloud based end-to-end encrypted email and file collaboration solutions, announced today that it has raised a $20M Series C funding round led by PSG, a leading growth equity firm partnering with software and technology-enabled services companies to help accelerate their growth.
PreVeil empowers companies to protect emails and files to securely communicate both within the organization as well as with contractors, vendors and third parties. Unlike traditional security systems, PreVeil takes a Zero Trust approach to data security and assumes that servers, passwords, and IT administrators will be inevitably compromised. All messages and documents sent through PreVeil are encrypted end-to-end, ensuring only intended recipients — and no one else, not even PreVeil — can access the data. PreVeil offers compliance, supply chain, business data, work from home and industry-specific solutions. It is seamlessly integrated into existing enterprise systems like Microsoft’s O365 and Google’s GSuite for ease of use and deployment.
PreVeil serves enterprises requiring both advanced data security and compliance in a simple and cost-effective solution. Its customers include Aerospace and Defense companies and Universities that need to protect sensitive data such as Controlled Unclassified Information (CUI) to comply with the US Department of Defense’s Cybersecurity Maturity Model Certification (CMMC), the NIST 800-171 standard, and International Traffic in Arms Regulation (ITAR) regulations. PreVeil’s cost-effective and user-friendly solution ensures organizations, regardless of their size, can quickly operate within these standards and meet the Federal Government’s new Zero Trust mandates. PreVeil will use the funding to fuel its efforts to increase its customer base in additional sectors, including professional services, financial services and healthcare. It will also make its military-grade “FIPS” encryption, cloud storage, sharing and messaging capabilities available to third party application developers via open Application Programming Interfaces (API).
“Organizations today are facing a more threatening and volatile cyber threat landscape than ever before, coupled with a growing array of regulatory requirements. We built PreVeil to provide a new approach to information security that is tailored to navigate today’s complex environment,” said Randy Battat, Founder, President, & CEO of PreVeil. “We look forward to partnering with PSG to accelerate our expansion as we continue to help our customers modernize their approach to information security and remain compliant with the most stringent cybersecurity regulations.”
“PreVeil is widely trusted by over 600 organizations and over 30,000 users operating in the federal government ecosystem, and we believe its solutions are highly applicable across industries, presenting a significant runway for growth,” said Rick Essex, Managing Director at PSG. “We’re excited to work closely with PreVeil to help them capture the opportunities that lie ahead.”
PreVeil makes end to end encryption usable for everyday business. PreVeil’s encrypted email works with existing apps like Outlook or Gmail, letting users keep their regular email addresses. PreVeil Drive works like DropBox for file sharing, but with far better security. All messages and documents are encrypted end-to-end which means that no one other than intended recipient can read or scan them—not even PreVeil. All data is stored encrypted on Amazon’s AWS cloud. PreVeil is designed for both small teams and large enterprises. Individuals can create free accounts for unrivalled privacy, control and security of their data. PreVeil has been selected as the “Editor’s Choice” for best encrypted email and filesharing system by PC Magazine for three years in a row. Visit PreVeil online to learn more.
PSG is a growth equity firm that partners with software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities and build strong teams. Having backed more than 115 companies and facilitated over 420 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology, and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City, London, Paris, Madrid and Tel-Aviv. To learn more about PSG, visit www.psgequity.com.