Security Firm Sepior Receives EU Funding Grant
European Commission grant awards disruptive businesses as part of the Horizon 2020 Program
Aarhus, Denmark (January 25, 2016)
Danish security vendor Sepior has received a EU2.3M funding grant from the European Commission’s Executive Agency for Small and Medium-Sized Enterprises (EASME), under the Horizon 2020 Dedicated SME Instrument program. The grant was awarded to a consortium managed by Sepior for its Key Management as a Service (KMaaS) project.
Cloud computing has become a mainstream delivery choice for applications, services and infrastructure, yet concerns about data privacy and confidentiality breaches remain high. Compliance with regulator-mandates for protecting user data and privacy have made end-to-end encryption the fundamental security mechanism in public cloud computing.
Sepior’s KMaaS is the industry’s first multi-cloud, pure-software based key management solution with true cryptographic security. KMaaS entirely mitigates the need for non-cloud installations or root-of-trust hardware appliances, allowing end-to-end encryption using customer controlled keys. Sepior’s innovations are based on patent-pending Multi-Party Computation (MPC) protocols tailored to key management.
Founded in 2014 as a spinout from the University of Aarhus in Denmark, Sepior develops key management solutions for encrypting data on the public cloud. Using patented cryptographic protocols, Sepior’s RSA award-winning team of cryptography experts have developed a practical virtual Key Management Service (KMS) using secure multi-party computation (MPC), a technique for splitting cryptographic keys between different providers that results in distributed trust. As the industry’s first true cloud-native KMS based on MPC, Sepior gives businesses full control over the encryption keys used by their SaaS-providers without relying on any single SaaS-provider, and at SaaS economics.
The company is partially funded by a grant from the European Union’s Horizon 2020 Research and Technology program.