Enigmedia, the encryption company that has developed and patented a proprietary communications encryption technology, has closed a €1.5M investment round.
The round was led by Alma Mundi Innvierte Fund, the investment fund co-founded last year by Javier Santiso (former Telefónica executive) and Rajeev Sigh Morales (former President of Alcatel Lucent Asia) and which is mainly focused on b2b business models.
Enigmedia, which began its journey with the participation of Seed Guipuzkoa and thanks to the Basque Government's aid for entrepreneurship, proposes a technology that does not require specific hardware and therefore allows it to be integrated into multiple fields.
This round of financing will help it to carry out its growth plan, which includes expanding its workforce and continuing to expand in other geographical areas. For the moment, Enigmendia has a headquarters in the US and is now entering Latin America.
The potential of Enigmedia's technology that has attracted investors includes its value in bringing security to the Big Data sector, as its more efficient encryption system saves operational costs for large data processing centres.
Enigmedia has also been recognised with numerous awards since it was founded in 2013, the latest of which was the Gold Award for Best Cybersecurity Startup of the Year by Info Security at the world's largest cybersecurity trade show, the RSA Conference in San Francisco.
Socurebased in New York, uses customer data that is available on the internet - such as from social media - to accurately confirm identity. Its technology is used by financial institutions to open bank accounts and issue credit or debit cards.
Among the factors that have encouraged Santander to invest in this startup is its potential to address financial inclusion in emerging markets, where some citizens could be excluded from the banking system because they do not have a credit history that is used to verify identity.
The investment in Socure is the Santander Innoventures fund's ninth since it was launched in 2014.
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