December 5, 2023 at 06:34PM
Klarytee, a data security platform, has raised $900,000 in pre-Seed funding led by Concept Ventures and high-profile angels. Founded by Dr. Nithin Thomas, the software safeguards sensitive information by integrating encryption directly into the data. Klarytee features capabilities like real-time encryption across applications and an add-in for Microsoft Word, primarily aiding sectors with critical data sharing needs.
**Meeting Summary: Klarytee Pre-Seed Funding Announcement**
Date: 5th December
**Location:** London
**Key Takeaways:**
1. **Funding Achievement:**
– Klarytee has successfully closed a $900,000 pre-Seed funding round.
– The round was backed by Concept Ventures and included notable angel investors:
– Michael Coates (former CISO of Twitter)
– Evelyn Bourke (former Group CEO of Bupa)
– Founders of Digital Shadows
– Brad Cable (ex-Managing Director of Accenture)
– Desigan Chinniah (Board Member of The Tor Project).
2. **Company Overview:**
– Klarytee is a software platform founded by Dr Nithin Thomas—an entrepreneur with 11 years in the security industry.
– It provides encryption and access control built into sensitive data.
– The platform operates with the philosophy that security should focus on controlling data rather than restricting user access within organizational boundaries.
3. **Product Innovation & Features:**
– Klarytee encrypts data fragments in real time at the source.
– It maintains data protection outside company boundaries and across different workflows, including documents, SaaS applications, and communication platforms.
– An integrated Local Large Language Model (LLM) detects sensitive information, applying default protections against unauthorized exposure, including defense against AI platforms like ChatGPT.
– Klarytee has developed a Microsoft Office add-in to facilitate encryption and decryption within users’ document workflows.
4. **Market Adoption & Applications:**
– Customers currently include investment banking teams and organizations using SaaS and public cloud services.
– Klarytee aims to enable secure sharing of sensitive information without compromising productivity or compliance.
5. **Founder’s Vision:**
– Dr. Thomas envisions Klarytee to drive transformative change in enterprise security architecture, emphasizing productivity and security across daily-used platforms while adapting to technologies like AI and cloud.
6. **Industry Endorsements:**
– Michael Coates highlighted Klarytee’s role in modernizing data-centric security models.
– Reece Chowdhry of Concept Ventures praised Klarytee’s potential impact on enterprise data security.
7. **Company Background:**
– Klarytee was founded in 2021 and has been used by recognized brands and Fortune 500 companies.
– It encrypts source data for protection, especially in sensitive sectors like banking and healthcare.
– Klarytee is a graduate of the Accenture Fintech Innovation Lab London 2023 cohort and a Microsoft Partner.
**Action Items (If Any):**
– No specific action items were provided in the meeting notes.