Virtru Raises $50 Million Doubling Valuation to $500 Million

Virtru, a data security company, has successfully raised $50 million in its Series D funding round, led by Iconiq Capital. Other participants in the round include Bessemer Venture Partners, Foundry, and The Chertoff Group. This latest funding round values the company at $500 million, doubling its previous valuation. Virtru's customer base includes prominent names such as Equifax, Capital One, JPMorgan Chase, Salesforce, and the U.S. Department of Defense. The company's mission has always been to secure all data everywhere, a vision that has remained consistent since its founding in 2012 by John and Will Ackerly.

John Ackerly, who served as associate director for the White House National Economic Council from 2001 to 2002, has a deep understanding of the importance of data security. His experience in the Bush Administration, particularly during the rollout of the Patriot Act, highlighted the significance of data privacy and security. This experience, combined with his brother Will's work at the NSA developing the Trusted Data Format, laid the groundwork for Virtru's founding.

Virtru's journey has been one of steady growth and long-term vision. The company started with an email encryption product using Trusted Data Format and has since expanded its platform to become a leader in data security. Iconiq Capital, which first invested in Virtru's $37.5 million Series B round, has been a key supporter of the company's growth. Will Griffith, a partner at Iconiq, emphasized the importance of data security in an increasingly connected and AI-enabled world, stating that the goal is to tag and manage data wherever it goes.

John Ackerly's perspective on data privacy is that it is not about secrecy but about the power to selectively reveal oneself to the world. This concept is foundational in the current era, where data privacy is more important than ever. Virtru's approach to data security has been methodical, focusing on building the company brick by brick rather than maximizing headline prices. This strategy has allowed Virtru to maintain its mission and continue to grow, even in a competitive landscape where cybersecurity and data companies have seen significant valuation increases.