Krypt.co, a new security startup founded by two former MIT students and one of their professors, is launching today with a free product called Kryptonite, designed to help developers protect their private encryption keys, using an app on their smartphones. It’s a big day for the fledgling company as it also announced a $1.2 million seed round led by Rough Draft Ventures/General Catalyst with participation from Slow Ventures, SV Angel and Akamai Labs.

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