Odaseva Closes $11.7 Million in Funding

Odaseva Technologies announced a series A funding round of $11.7 million.

The round, led by Partech Partners with participation from new investor Salesforce Ventures and existing investor Serena Data Ventures, 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, 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 to help companies manage and secure their data, and to maintaining their compliance with governing regulations.

To reach its market objectives, the start-up will direct a portion of the new funding to build on existing sales and technology partnerships with Accenture, Cap Gemini, CGI and Deloitte.

The company 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, 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, Odaseva. “We’re extremely gratified that our venture partners and our customers are behind us.”

Read also:
Start-Up Profile: Odaseva
Cloud platform for enterprise addressing Salesforce, cloud backup, archiving and GDPR
by Jean Jacques Maleval | March 28, 2018

Comments

This is a great news for Odaseva as the market had some doubt on the financial status of the company as the management chose to not share any information before that round. It has helped the competition for sure. We now understand that the seed round was of $2.3 million from Serena and others potentially. This series A round shows again Serena plus Salesforce Ventures for a total of $14 million.

Interestingly, Salesforce Ventures has already invested in Odaseva direct competitor and market leader OwnBackup. The Israeli company has raised already almost the double for a total of $26.5 million.

The market category is a hot one and we have serious doubt on the small dedicated vendors future especially with only one SaaS application support, as 2018 saw the sector gorillas (Commvault, Druva, NetApp, Rubrik, Veeam or Veritas) joined the club. The table below illustrates the current status of this market offering.

This round confirms also the wish of Partech Partners to add IT infrastructure here storage players to its portfolio following the disaster of Atlantis Computing (the company - asset in fact -, sold to Hive-IO in 2017, has disappeared from their web site), the gadget Lima closed now (not Infra but SOHO storage), the utopian OpenIO or the anecdotic PrimaryIO. We understand the French connection but it's not enough.