Venafi, a company that says it is the first to offer large companies a service that manages all of their encryption technologies, has raised a $5 million second round of funding led by Silicon Valley venture firm Foundation Capital.
This brings the company’s total to $16 million. Previous investors Origin Partners and UV Partners also participated in this round.
Venafi does things like make sure encryption options are turned on in software and applications being run by a company. Microsoft allows encryption of email used via its Outlook, for example, but sometimes companies don’t turn it on. Some companies have up to 10,000 servers, all running various programs with different encryption certificates.
The company also signed a partnership deal with Verisign, a company that owns about 90 percent of the market in managing encryption keys. Verisign will use Venafi’s product to distribute a beefed-up product of its own, Venafi said.