Odaseva, a cloud-based data management platform, has raised $11.7m in its Series A round which was led by Partech.
Participation to the round also came from first-time backer Salesforce Ventures, and previous investor Serena.
Proceeds from this round will be put towards accelerating the go-to-market strategy of the company and build on its customer successes. In addition to this, the company is looking to build on existing partnerships with Accenture, Capgemini, CGI and Deloitte, and double its headcount.
Odaseva is a cloud data management platform which helps companies address regulatory challenges such as data privacy compliance automation, data protection, data lifecycle management, breach detection and archive retention. Its services can be implemented to meet and data privacy directives impacting a company, whether that its GDPR, California Consumer Privacy act, or others.
The RegTech offers a suite of data management tools, enabling the automation of processes, encryption and security services, and the customisation of services.
Some of the company’s clients include, General Electric, Heineken, Orange Bank, Robert Half, Schneider Electric and Toyota.
Partech general partner Reza Malekzadeh said, “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.
“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.”
In total, Odaseva has raised a total of $14m in funding since it was founded in 2012.
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