A recent SEC filing points us to Eagan-based CloudCover — a new startup looking to raise $20m in equity financing for a digital risk protocol technology which would provide IP data insurance to address the enterprise “risk gap” created by cloud computing.
From the company’s website:
“The CloudCover Protocol is real-time data risk management that is desirable and necessary to protect confidential private information that is being handled and stored by third-parties. We underwrite for the risk and valuation of data determined through granular-policy formulation of the cost of loss through alternate risk structures.”
The product is targeted towards customers in highly regulated industries like finance and healthcare; distribution is sought through systems integrators, industry corporate partners and data warehousing firms. CloudCover inventor and founder Stephen Cardot is attached to seven different US patents centered around data transmission and insurance.
CloudCover declined to comment on this article. More as it’s known…