The issue of security in cloud services is apparently going to be a major item on the agenda of digital businesses and the investors alike, for many more years to follow. Hungarian Tresorit, which offers an end-to-end software solution to the problem, is the latest European example with its first backing secured from the EU’s investment body Euroventures. The company announced today that it raised $3 million from a small group that includes JEREMIE-supported Euroventures and current board members Marton Szoke and Andreas Kemi.
The company previously reported having raised $1.7 million, so this brings their total $4.7 million. The company, which does not reveal the number of users that it has, attempts to act as an encrypted alternative to services like Dropbox, Box, Google Drive, and other cloud-based, file-sharing services.
Founded in 2011, Tresorit is a Hungarian-Swiss partnership that works mainly on encrypted solutions for cloud storage. Its current product allows users to collaborate through the cloud without having to worry about prying eyes. The company offers 5GB free space for basic users and a “pro” version for individuals and companies.
In addition to offering encrypted software coveted by users in the age of PRISM, Heartbleed, and Edward Snowden, the startup is probably best known for offering a $50K bounty to any hacker capable of penetrating their software. So far, the company reports that no hacker has managed to take home the reward, but more than 900 from 45 countries have given it a try.
Interestingly, the company claims that hackers from such institutions as MIT, Harvard, Stanford, and Cal Tech have tried and failed to successfully break through the company’s encryption.