Alcion, a modern data management startup, has successfully garnered $21m in a Series A funding round, elevating the firm’s total fundraising to $29m.
This impressive financial milestone was spearheaded by Veeam, an industry luminary in the realms of data protection and ransomware recovery.
Specialising in a security-first AI-powered Backup-as-a-Service (BaaS) platform tailored for Microsoft 365, Alcion’s innovative offering is also eyeing protection for other quintessential SaaS services. Embracing a multi-faceted approach to digital security, the firm actively wards off ransomware and malware threats through astute threat detection, calculated backup timing, stringent encryption, and delete protection.
With data protection now pivotal, the influx of this new funding will catalyse Alcion’s aspiration to blanket the globe’s data against malevolent threats and unforeseen mishaps. This strategic initiative will culminate in heightened functionality, user-friendliness, and sharper ransomware detection for both Alcion’s clientele and the rapidly expanding open-source Corso community.
Distinguished for its avant-garde AI-driven ransomware protection models, Alcion continually refines its systems by discerning user behaviour. This is crucial as staggering data underscores the peril of ransomware attacks, with 94% zeroing in on backup repositories. Further fortifying its stand, Alcion will enhance features for its managed service provider (MSP) clientele and augment data protection capacities for additional SaaS services. A plethora of ground-breaking features, including a robust focus on data security, an eminent SOC 2 Type II certification, and intuitive product functionalities, are on the horizon.
Alcion CEO and co-founder Niraj Tolia remarked, “Data protection is more critical than ever. Since exiting stealth in May, we’ve witnessed a 700% increase in organisations using the platform, propelling Alcion to a petabyte of managed logical backups. This round of funding positions us to rapidly scale our mission of protecting all the world’s data against both malicious threats and accidents.”
Mike Waas, CEO of Datometry, commented, “Ransomware has become an insidious threat for every organisation. As an organization that serves primarily Fortune 500 and Global 2000 customers, strong data protection is imperative for us. Alcion for Microsoft 365 ensures our data is protected and secure at all times. Put simply, Alcion gives us peace of mind.”
Besides the notable endorsement from Veeam, Alcion’s Series A round witnessed robust participation from former investors. This includes the likes of Lip-Bu Tan, Chairman of Walden International; Debanjan Saha, CEO of DataRobot; Abhinav Asthana, CEO and founder of Postman; and Amarjit Gill, an entrepreneur and investor at Nepenthe Capital.
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global
Copyright © 2018 RegTech Analyst
