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Hungarian online-security startup Tresorit announced that it is challenging hacking to crack its client-side encryption software and that they’ll award $10,000 (7,600 euro) to those who manage to do it. We wanted to know about this contest and other developments from the company, so I contacted them and I managed to get in touch with marketing manager Szabolcs Nagy. He told me that they raised $1.7 million (1.3 million euro) in a Series A round from Hungary-based Euroventures and 9 private investors. Notable individual investors behind Tresorit include Marton Szoke, Balazs Fejes, and Swede Andreas Kemi.
Nagy didn’t want to reveal the number of users that Tresorit currently has, but did say that that they are planning a big announcement in the coming month. Said announcement seemingly pertains to the number of customers that Tresorit has, so we’ll certainly be on the lookout for that.
As far as competition, Nagy says that they are primarily competing against three types of companies: consumer cloud-storage solutions services (Dropbox, Sugar Sync, and Bitcasa), business-oriented cloud-storage services (like Box, Wuala, and Boxcryptor), and legacy secure file-transfer services (like PGP). According to Nagy, Tresorit stands out by offering a more secure service than that provided by a company like Box and a more simple and easy-to-use service than that provided by PGP.
At the heart of this story, though, is the competition that Tresorit is currently holding. The award listed is $10,000 for the winner, but that they’re willing to pay out up to $2,000 for each additional vulnerability that hackers might find (the amount awarded in these cases will be determined on a case-by-case basis). I’m told that there may be an additional, expanded round of the contest when this current competition is complete, but any details in that area will only be made available after the final results are announced on May 9th.
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