Odaseva, the all-in-one cloud data management platform for enterprises running critical business applications in the cloud such as Salesforce, 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.”
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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.”
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