Artificial intelligence startup Kriptos, which automates classifying and identifying companies’ sensitive information, raised an investment round for US$3.1 million, led by Act One Ventures. With this new capital, the company, founded in 2018 by Ecuadorians Christian Torres and Alfonso Villalba, has already raised around US$5 million in funding, according to Crunchbase. CompuSoluciones Ventures, BuenTrip Ventures, and SVLA Venture Capital, among others, also participated in the round.

The funds will be used to invest in technology for product development and cybersecurity and leverage the team for growth in the United States and Latin America.

Kriptos wants to take care of sensitive information 

Kriptos wants to be the solution to the growing wave of cybersecurity attacks, which has already established itself as one of the biggest concerns these days, according to data from Mordor Intelligence. 

Christian Torres, CEO and founder of Kriptos, said in a press release that the startup automates companies’ sensitive information in a “much more accurate and faster way than other tools on the market.”

Kriptos explains that its service helps comply with rules and regulations that require the identification and protection of sensitive information and optimize cybersecurity tools. How? They say it provides the correct information on how to approach information protection functionalities.

Mordor Intelligence also forecasts that the cybersecurity market will reach US$352.25 billion by 2026. Data Bridge, meanwhile, expects the data classification market to grow at a rate of 24.29% from 2021 to 2028, to reach US$5.19 billion by 2028.

“We have clients in more than seven countries, including some of Chile’s largest banks, Mexico’s largest insurers, and even a publicly traded American company,” the CEO added.

Kriptos already has a presence in the United States, Mexico, Peru, Ecuador, Chile, and Argentina. It expects to reach more than 80 corporate companies in Latin America by the end of 2022, representing more than 150,000 users in the region.