Minneapolis, MN (December 16, 2015) Secured2, the digital shredding data security company with a new patented approach for data protection, today announced that it has raised a Follow-On investment from TASC (Total Administrative Services Corporation), the nation’s largest privately held third party administrator. This brings the total investment in Secured2 thus far to $3.4 million, with leading investments from St. Thomas University Norris Institute, and the co-founder of United Healthcare.
“We are very excited about the fact that our investors understand our domain and our value to the industries we serve,” said Daren Klum, founder and CEO of Secured2. “As a strategic investor, TASC will help us achieve our short- and long-term growth goals over the next year.”
Dan Rashke, the CEO of TASC says, “We take data security very seriously because it impacts our business, our customers, and our credibility. Technology like Secured² is vital to our business and industry because it provides the security we need to stay ahead of the threats that continue to plague our industry.”
Launched in 2012, Secured2 is the pioneer of new data security technology utilizing a ‘shrink > shred > secure > restore’ methodology combined with new compression technology that reduces the size of data by up to 90%. The core product “Data Shredder” shrinks, shreds, secures and converts data into a random format. It then encrypts each shred using NIST certified encryption and randomly distributes the encrypted shreds across any multi-location storage a customer chooses, such as multiple clouds, hybrid locations or local storage destinations. It represents the first security technology that lets you be in 100% control of the security of data you place in the cloud or a third party’s storage.
Secured2 plans to use the funding for new product development, support installations of its current product, and additional staff.
Secured2 plans its Series A round of $4 to $10 million in 2016.
Secured² was founded with the mission of securing its customers’ data and developing cutting-edge solutions that prevent data theft. Its vision is to deliver easy to use, hacker-proof, cost-effective and innovative data security solutions that provide data protection and unparalleled customer service.
Located in Madison, Wisconsin, TASC is an industry leading third-party administrator of benefits accounts, compliance, and payroll services for more than 60,000 sole proprietors, family farmers and businesses. TASC’s services include AgriPlanNOW, BizPlanNOW, COBRAToday, DirectPay, ERISAEdge, FlexSystem, FMLAMatters, PayPath, and RetireeBilling. TASC also offers a wide variety of compliance based service offerings.