Security startup Formal has announced its exit from stealth mode with a $5.8 million seed funding round backing its reverse-proxy solution designed to enhance data access security for sensitive data stores and APIs, reports TechCrunch.
Deployed within a virtual private cloud, Formal logs every request to an enterprise's data stores, such as databases containing customer information, and enforces dynamic access policies. It simplifies data access management by allowing users to add or remove data sources and applications without reconfiguring individual security settings. The system includes features like data masking and redaction based on user roles, ensuring compliance with regulations like the European Union's General Data Protection Regulation. Formal acts as an abstraction layer for data flow control, redirecting traffic through its proxy. Customers like Gusto, Notion, and Ramp, which handle sensitive information, have adopted the solution, signaling its potential to address challenges in the growing cloud and artificial intelligence-driven data environments.
