Odaseva, a comprehensive cloud data management platform for enterprise, has secured $11.7 million in Series A funding to bring its total funds raised to $14 million. The new funds will be used to accelerate the market development of Odaseva’s critical business applications. The funding round was led by Partech, Salesforce Ventures, and previous investor Serena.
More info on Odaseva’s new funding can be found in this press release from Globe Newswire:
“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.
