Stealth-security startup Veradocs plans to announce Tuesday that it took in $14 million in two funding rounds, one of which includes a seed round when the company formed in January 2014. The startup wants to build out sales and marketing and expand its engineering team, said Veradocs co-founder and CEO Ajay Arora.
Veradocs’s security system is aimed at enterprises concerned that employees may be sneaking off with important documents or that sensitive information may somehow leave the company thanks to the cloud.
The Mountain View-based startup essentially provides access management for documents so that only the right employees will be able to access the right items. IT administrators can set up security policy from a web-based console that ensures that if a file leaves the company’s system, the security policy “follows the documents wherever they go,” said Arora. The service can also integrate with Active Directory so a company’s access policies can carry over, he said.
If a sensitive file ends up in the hands of someone who shouldn’t have it, Veradocs’ service should recognize the fact and encrypt the document, thus ruining its value. When IT admins update document-security policy, the cloud-based Software-as-a-Service should be able to update the documents in real time.
Arora said Veradocs is not ready to share its “secret sauce” as to how the company can track and update all those files once they are out of a company’s hands, but it will disclose more details once the product is out of beta and the company launches to the public during the first part of next year.
The 15-member Veradocs team also plans on eventually branching out of securing only file-based data and will improve its technology to handle application and database data, making it more attractive to enterprises that want to secure data lurking around their infrastructure.
Battery Ventures drove the funding round along with Amplify Partners and angel investor and Yahoo CIO Mike Kail.
Picture of Veradocs CEO Ajay Arora courtesy of Veradocs