HSD partner Storro Obtains Funding in order to Grow

Software developer Storro obtained funding of Participatiemaatschappij Oost Nederland NV (PPM Oost) last week in order to grow and extend their commercial position. They aim to make a contribution of a safer digital world by developing solutions for secure communication of documents through Blockchain and peer-to-peer technology instead of using the cloud.

Storro is a start-up of HSD partner Coblue, a team of data se­cu­rity ex­perts with a pas­sion for in­no­v­a­tive tech­nolo­gies developing soft­ware ap­pli­ca­tions that em­power busi­nesses. Storro is an active partner of HSD and has recently worked together with HSD partners: RVO, EIT Digital and others in order to form the current proposition. Storro is located in Twente and in the Province of South Holland.

The urge for secure digital collaboration

Information security is getting more important every day. Centralised storage services, such as DropBox, are frequently hacked causing data leaks. In addition, many of this type of businesses scan the documents for money and grant access to foreign intelligence services. Storro has developed a solution to share documents in a fully private and centralised way directly peer-to-peer. By encrypting the data, cutting it up, and storing the pieces spread out over a personal network, third parties cannot access the content. Security is enhanced even more by using cryptographically enforced user rights management and Blockchain based audit trails and revision control.

Investing in growth

With the investment of Innovatiefonds Twente (PPM Oost), Storro will make further commercial steps on the market. As CFO Friso Stoffer explains: ‘’The current Minimum Viable Product has proven itself by extensive use in the market, and now more steps towards a bigger commercial deployment can be taken, faster.‘’

Marius Prins, Chairman of PPM Oost sees the urgency of investing in cyber security: ‘’Every new attack which is in the news confirms the need for security of information, Storro can play an active role in this growing market. In particular through the unorthodox approach of not looking to the Cloud as the solution for security but outside it”. Storro can ensure jobs for particularly high educated personnel. Innovatiefonds Twente invests together with two informal investors.  

Access to Capital

Participatiemaatschappij Oost Nederland NV (PPM Oost) is a regional venture capital company that is part of East Netherlands Development Agency (Oost NV). PPM Oost administers government funds and manages revolving regional venture capital funds for specific sectors in the provinces Gelderland and Overijssel. The funding is yet another example of investment in cyber security businesses.

Within the cluster of HSD we also have partners and other connections to organisations providing funding and protective services for innovations. If you are also interested to meet investment parties, come and visit the Access to Capital day on 12 April.