Data security company Basis Theory announced last week that it has launched out of its beta and has raised $17 million in funding from Bessemer, Kindred, Conversion Capital, BoxGroup, Offline Ventures, and others to make securing, using, and managing sensitive data easier for developers.
The Basis Theory team has developed a compliant, easy-to-use platform that allows developers to create token vaults for any data type, and integrate it with their services. Tokenization is the process of replacing actual sensitive data elements with non-sensitive data elements that have no exploitable value for data security purposes. Security-sensitive applications use tokenization to replace sensitive data, such as personally identifiable information or protected health information, with tokens to reduce security risks.
The company was founded by Colin Luce, Ben Milne, and Brian Billingsley in 2021.
“We’re not only excited to announce our newest round of investment and the general availability of Basis Theory, but to share with you the insights and decisions that have guided us here today and are helping us think about tomorrow,” wrote Luce in a blog post announcing the funding.
The company currently has multiple open positions listed on its careers page including a Frontend Engineer, a Product Manager, and a Developer Advocate.