Odaseva nabs $54M for its Salesforce data protection platform – Business
Odaseva Technologies SAS, a startup with a platform that helps enterprises encrypt and back up the data they keep in Salesforce, has closed a $54 million funding round.
The company detailed in its announcement of the raise today that Silver Lake Waterman was the lead investor. F-Prime, Eight Roads, Serena Capital, Eurazeo and Crescent Cove chipped in as well. The round, a Series D investment, brings Odaseva’s total outside funding to more than $90 million.
“This round of funding will help to accelerate our growth into new markets and keep us at the forefront of innovation in the space,” said Odaseva founder and Chief Executive Officer Sovan Bin.
Companies use Salesforce’s flagship customer relationship management platform to store information about current and potential buyers. Alongside its CRM platform, the software-as-a-service giant provides several other applications for tasks such as managing marketing campaigns and processing support tickets. Those applications likewise store sensitive customer data.
San Francisco-based Odaseva has developed a platform that promises to help enterprises secure that data. The company’s software encrypts information stored in Salesforce to make it unreadable for any hackers who may try to gain access. According to Odaseva, records are scrambled using an internally-developed technology dubbed five-layer encryption.
The company’s servers secure the Salesforce data they process using the encryption features of both their disk drives and operating system. Information is also scrambled before it’s sent over the network to block eavesdropping attempts. Separately, each file and database column in a Salesforce environment is encrypted with a cryptographic key provided by the customer, which means Odaseva can’t read the data.
The company provides its cybersecurity features alongside a set of tools designed for other data management tasks.
One tool, Backup & Restore, allows enterprises to create a backup copy of their Salesforce data every quarter hour. If an employee accidentally deletes an important customer record, administrators can restore it through a relatively simple sequence of steps. In the event of broader data loss, the tool can restore the entire contents of a Salesforce environment from the most recent backup.
Salesforce places limits on the amount of data that organizations can keep in its platform. To help customers avoid reaching those limits, Odaseva provides a tool called Data Archiver. It can automatically move infrequently used records from Salesforce to Amazon S3 based on rules defined by administrators. Furthermore, the company offers a second data movement tool that eases the task of streaming Salesforce records to analytics applications.
The platform’s feature set is rounded out by a set of regulatory compliance capabilities. Before using customer records from Salesforce to train an artificial intelligence model, companies can leverage Odaseva’s software to anonymize them. Removing personally identifiable information makes it easier to comply with privacy laws. The platform also eases the task of fulfilling requests from consumers to delete the data that a company stores about them in Salesforce.
Odaseva counts Schneider Electric SE, Michelin and other large enterprises among its customers. The company says that its platform helps those companies secure the data of more than 100 million users. Odaseva will use its newly raised funding to expand the platform’s feature set.