ALTR, a cybersecurity startup which uses blockchain technology, has emerged from stealth with an announcement that it has raised $15 million in venture capital. Backers included institutional and private sources in cybersecurity and the financial services, and angel investor John Stafford III, who is currently CEO of Ronin Capital.
“We have a choice between change or breach,” said ALTR CEO, David Sikora. “Network-focused security isn’t enough because it never really puts a dent in the sheer number of vulnerabilities, Rather than patching the existing attack surface, ALTR has found a way to significantly reduce it. In fact, with ALTR’s full solution in place, the threat vectors for data move to nearly zero. Digital trust can finally be restored.”
Some of the hype around blockchain has died down over the past few months, but the Texas-based company says that its platform – built on its proprietary ALTRchain, a private blockchain – will combine monitoring, governance enforcement, and data protection to “make the powerful security benefits of blockchain real for the enterprise”.
We have a choice between change or breach […] Digital trust can finally be restored.
– David Sikora, CEO, ALTR
Sikora said: “Blockchain provides highly secure storage for data itself. Altr’s proprietary blockchain technology has been optimized for this purpose, and that is where most of the company’s patent portfolio is focused. It also provides an immutable log of all data-access requests and responses, administrative changes and anomalies – ‘digital truth’ that everyone who is accountable for data can be trusted.”
The company hopes that ALTRchain’s creation of blockchain-stored records of all attempts to impact data and network resources will prevent hackers and malicious insiders from being able to cover their tracks, and disincentivise attempts to steal or alter data. The company intends to use the funding to expand marketing and sales initiatives, and to work on the development of additional products and services.
After four years in stealth, ALTR officially launched on Wednesday with the release of its first commercial software package. The company also revealed several members of its board of advisers, including Mike Maples (former executive at IBM and Microsoft), Fred Burton (former deputy chief of counterterrorism at the US Diplomatic Security Service), Michael Hermus (former CTO of the US Department of Homeland Security), John Swainson (former CEO at CA), and Scott Able (co-founder of Spiceworks and Motive).