Cloud security firm CloudLock will be rolling out its new encryption product called CloudLock Selective Encryption that will enable service-as-a-service and cloud platforms to safeguard critical information more easily, TechCrunch reported.

The new product comes just a few weeks after it secured $16.5 million for its Series C funding round. The most recent financing round was led by Bessemer Venture Partners and proceeds of that round brought to $28.2 million the fundraising amount raised by the startup so far. CloudLock will be launching its new product in San Francisco at the 2014 RSA Conference next week, the report said.

CloudLock Selective Encryption is specifically designed to shield data on Salesforce.com and Google Apps. However, it will also be protecting information in the new cloud service providers it will be working with when it grows, the report said.

According to the TechCrunch report, cloud traffic is set to increase in three years. By 2017, cloud traffic will reach 7.7 zettabytes, comprising two-thirds of data center traffic around the world. As far as SaaS and cloud platforms are concerned, the quick growth poses a security issue inasmuch as some kinds of data have to be given a certain kind of protection in order for it to comply with existing laws and regulations. Some information that needs specific protections include data regarding personal information, credit cards, intellectual property and medical records covered by the HIPAA privacy law, the report said.

CloudLock Selective Encryption helps cloud service-focused firms grow their business more capably since it enables clients to give a greater degree of security specifically for the data that needs it. The service basically searches for sensitive information and encrypts it right away so it complies with security laws without hindering the app's performance.

The report quoted what CloudLock CTO and Co-Founder Ron Zalkind said in a statement, "We've heard from hundreds of our customers that the gateway-based and reverse-proxy solutions out there require heavy deployments, are highly prone to breaking cloud apps, and are often unavailable from mobile apps. CloudLock is provisioned completely in the cloud, in minutes."