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We are very excited to announce that Presidio Ventures, the venture investment arm of Sumitomo Corporation, is leading the Series B investment in PreVeil. Spark Capital, who led PreVeil’s Series A, has also invested in this round.
Sumitomo, one of Japan’s largest business conglomerates, recognizes that ensuring the security and privacy of our business and personal information has become the defining challenge of our time. Many enterprises, governments, political organizations and individuals have faced devastating attacks from foreign powers and hackers and are looking for radically better ways to protect their sensitive data. PreVeil employs a fundamentally different approach based on cybersecurity research from MIT to address this problem.
We use end-to-end encryption to protect email and files so they remain secure even when servers are breached, passwords are stolen, and IT administrators compromised. With end-to-end encryption, only the sender and recipient can see the information. No one else – not even PreVeil.
PreVeil makes encryption very easy to use for both enterprise and individual users. Email is integrated with popular mail applications such as Outlook and Gmail. PreVeil’s file sharing works just like consumer applications such as Dropbox, but with the protection of end-to-end encryption.
Sumitomo’s investment represents a huge opportunity for PreVeil. It will enable us to accelerate our rapidly growing Channel Partner program and expand our business in the critical Aerospace, Defense, and Financial sectors in the United States and abroad. Sumitomo is also one of the largest IT services companies in Japan. We look forward to working with them to bring PreVeil to their customers.