Corporate venturing units Axa Strategic Ventures and InnovAllianz joined Idinvest Partners and Kima Ventures to invest $7.2m in encryption software developer Tanker.

France-based cloud software encryption startup Tanker has closed a €6m ($7.2m) funding round backed by subsidiaries of insurance groups Axa and Allianz.

The firms participated through respective subsidiaries Axa Strategic Ventures and InnovAllianz, while corporate-backed private equity firm Idinvest Partners and venture capital firm Kima Ventures also took part.

Tanker has built an end-to-end encryption and key management platform for developers of software-as-a-service (SaaS) packages. The coding can be embedded in each SaaS development kit, removing the need for a…