Multicloud security firm Fortanix Inc. today announced significant gains across sectors and expanded its ecosystem with the introduction of its Data Masking and Tokenization Solution.

Described as the industry’s first confidential computing-powered software-as-a-security solution, the Fortanix Data Masking and Tokenization Solution is designed to tackle increasing data breaches and evolving data privacy regulations organizations are dealing with in 2023.

The new solution is an enhancement to Fortanix’s Data Security Manager platform that helps existing SaaS key management customers adopt data masking and tokenization. The solution allows users to benefit from increased business agility without compromising on security. Fortanix said the solution has been designed with simplicity and scalability in mind to make it a compelling choice for integrating into different cloud and application vendor solutions for a more cohesive value chain.

On the company side, Fortanix also announced that it has recently signed significant, though unidentified, customers for its platform. Among them is a Global 500 luxury car manufacturer, which used Fortanix to secure industry-specific and customer data on its private cloud, and a Fortune 500 global logistics firm that leveraged the solution in its data security modernization initiative to reinforce security via a unified platform. A leading U.S. financial institution has also adopted the solution to secure sensitive data at the application level before transitioning data to the cloud.

Fortanix’s platform is pitched as a solution to addressing enterprise data proliferation. The company argues that presents significant challenges because of the complex nature of managing and preventing unsecured communication. Issues also arise from fragmented security stacks, isolated teams and inconsistent regulatory requirements across different regions. Fortanix tackles these issues, simplifying the masking and tokenization of sensitive data across various sources, enabling adherence to diverse regulatory requirements and fostering compliance.

“Our goal is to remove the mask off the complexity and place it on data instead,” co-founder and Chief Executive Anand Kashyap said ahead of the announcement. “The Fortanix SaaS solution is not just an industry-first – it’s also built on the foundation of confidential computing that makes it inherently secure compared to anything else out there. It can truly become an easy button to secure sensitive data.”

Fortanix is a venture capital-backed company, having last raised $90 million in September. Investors include Goldman Sachs Asset Management L.P., GiantLeap Capital LLC, Foundation Capital LLC, Intel Capital Corp., Neotribe Ventures LLC and In-Q-Tel Inc.

Image: Fortanix