Cloud security firm Tresorit has just raised $3 million in its first funding round with Euroventures as the lead investors. Existing investors Andreas Kemi and Marton Szoke also invested in the round to bring the startup's total funding to $5 million, according to TechCrunch.

The Swiss-Hungarian startup aims to offer both security and convenience in its cloud services. To do that, the company will use the new capital for the development of its cryptographic encryption technology which it plans to market to the US and Europe, the report explained.

Tresorit solves the problem of losing control over uploaded data. The company's servers continue to give its customers access to their data to also allow tracking for security breaches, the report added.

The startup was founded by its chief executive officer (CEO) Istvan Lam. Last year, Tresorit offered a reward amounting to $25,000 to anyone who can break into its service. Recently, that reward was doubled and until now, no one has successfully penetrated its encryption technology, TechCrunch reported.