Odaseva Closes $11.7 Million in Funding to Accelerate Delivery of Data Protection, Data Compliance and Data Operations for Enterprises Running Business Applications in the Cloud
SAN FRANCISCO, Feb. 28, 2019 (GLOBE NEWSWIRE) — Odaseva, the all-in-one cloud data management platform for enterprises running critical business applications in the cloud such as Salesforce, today announced a Series A funding round of $11.7 million. The round, led by Partech with participation from new investor Salesforce Ventures and existing investor Serena, will help the company accelerate its go-to-market strategy and build on successes with global customers that include General Electric, Heineken, Orange Bank, Robert Half, Schneider Electric and Toyota. The new round, in addition to the original seed funding, brings the total funding to $14 million.
“No organization has the luxury of taking months or years to comply with the data privacy and protection requirements of its customers – most notably those in highly regulated industries,” said Reza Malekzadeh, General Partner with Partech. “With GDPR fines alone costing up to two to four percent of annual revenue, and the cloud creating a sense of urgency within organizations, enterprises can’t afford to give up the full management and control of their data that are critical to recovery and compliance. Odaseva gives them that control and insight – and within weeks, not months or years.”
Odaseva’s Data Management Cloud automates personal data lifecycle management, which is critical to helping companies manage and secure their data, and to maintaining their compliance with governing regulations.
To reach its market objectives, Odaseva will direct a portion of the new funding to build on existing sales and technology partnerships with Accenture, Capgemini, CGI and Deloitte. The company also plans to double employee headcount in 2019.
Odaseva’s solution can extend to any enterprise – whether in a regulated industry requiring GDPR or California Consumer Privacy Act compliance or in any market where data privacy directives are core to an organization’s mission. That expansive mission brings the company’s Total Available Market (TAM) to more than $100 billion representing the global market opportunities for cloud backup, cloud archiving, cloud data operations, as well as GDPR.
“Since our initial investment in Odaseva, we have witnessed the company’s rapidly growing successes with enterprise customers with incredible satisfaction rate,” said Jamal Labed, Venture Partner at Serena. “Their execution has been impressive, and we’re thrilled to accompany them on their journey.”
“Serving a marketplace that’s growing at large double-digit percentages annually, and with a comprehensive, highly differentiated offering for data privacy, compliance and automation, we’re fortunate to have established a defensible lead position,” said Sovan Bin, CEO and Founder of Odaseva. “We’re extremely gratified that our venture partners and our customers are behind us.”
Odaseva offers an all-in-one cloud data management platform for enterprises running critical business applications in the cloud such as Salesforce. Over 2.5 million Salesforce users from industry-leading companies such as Schneider Electric, Toyota or General Electric, trust Odaseva as the ultimate solution to securely and rapidly address challenges such as data privacy compliance automation, data protection, data lifecycle management, breach detection and archive retention. For more information, please visit: https://www.odaseva.com/; Twitter: https://twitter.com/odaseva; LinkedIn: https://www.linkedin.com/company/odaseva
Partech is a global investment firm with offices in San Francisco, Paris, Berlin and Dakar. We bring together capital, operational experience and strategic support for entrepreneurs at seed, venture and growth stages across multiple continents, with over $1.3B investment capacity. Investments range from $200K to $50M in a wide range of technologies and businesses for enterprises and consumers, from software, digital brands and services, to hardware and deep tech across all major industries. Companies backed by Partech have completed more than 20 initial public offerings and more than 50 strategic exits above $100M. Our current portfolio: https://partechpartners.com/companies/
About Salesforce Ventures
Salesforce is the fastest growing top five enterprise software company and the #1 CRM provider globally. Salesforce Ventures—the company’s corporate investment group—invests in the next generation of enterprise technology that extends the power of the Salesforce Customer Success Platform, helping companies connect with their customers in entirely new ways. Portfolio companies receive funding as well as access to the world’s largest cloud ecosystem and the guidance of Salesforce’s innovators and executives. With Salesforce Ventures, portfolio companies can also leverage Salesforce’s expertise in corporate philanthropy by joining Pledge 1% to make giving back part of their business model. Salesforce Ventures has invested in more than 300 enterprise cloud startups in 20 different countries since 2009. For more information, please visit www.salesforce.com/ventures.
Serena invests in bold ventures, providing them on-demand expertise and operational support in Paris, New York and Singapore. Serena portfolio companies can leverage our Operating Partner model -unique in Europe- and benefit from the support of our very active C-Level community through the Serena Squad platform, open exclusively to past and present companies, each contributing to the others’ success. Serena was founded in 2008 by entrepreneurs for entrepreneurs, based on the core belief that VCs should work for their portfolio companies, not the other way around. The firm currently has $500 million under management. https://www.serena.vc/