San Francisco-based data security startup Odaseva has secured a significant boost with a Series C funding round led by Silver Lake Waterman. The $54 million investment will be used to enhance the company’s research and development efforts, expand its product portfolio, and reinforce its market presence in the evolving landscape of data security.

Founded in 2012 by Sovan Bin, a former architect at Salesforce, Odaseva specializes in providing advanced data security solutions to clients grappling with regulatory requirements and privacy laws worldwide. The latest funding round will enable Odaseva to meet the growing demand for compliance, failover management, and zero trust security technology, particularly in the United States.

With a workforce of 154 employees, Odaseva has already made significant strides in the data security market. The company previously raised $25 million in a Series B round led by Eight Roads Ventures in 2020. Bin, who has been at the helm since inception, highlighted Odaseva’s revenue stream from the U.S., emphasizing the target of achieving operational breakeven by early 2025.

Odaseva’s unique virtual storage layer, coupled with end-to-end encryption capabilities, sets it apart from competitors and allows the company to cater effectively to the data security needs of its clients. This technology addresses critical aspects of data residency, infrastructure security, and compliance, and has garnered interest from major enterprises and government entities.

Looking ahead, Odaseva plans to capitalize on the Series C funding to address the increasing demand for data residency solutions, failover management, and compliance enhancements. Bin emphasized the importance of staying abreast of evolving regulations such as GDPR and the Chinese Cybersecurity Act, and the company’s commitment to providing flexible and secure data management options.

By partnering with leading cloud providers and introducing new zero trust products, Odaseva aims to bolster data management capabilities and address the security requirements of industries like financial services. The holistic approach to security, integrating backup, cyber defense, failover management, and compliance into a single platform, distinguishes Odaseva in the competitive data security sector.

Bin emphasized the transformative potential of Odaseva’s zero trust approach in reshaping risk assessments and vendor relationships, reducing reliance on third parties for data security. Key performance indicators for the company post-Series C funding include net yield retention, gross margin, and deployment efficiency of security solutions, with a focus on maintaining high customer satisfaction levels.

With a clear focus on customer-centric security solutions and a commitment to innovation, Odaseva is poised to make a significant impact in the data security market. The company’s strategic vision, bolstered by the recent funding infusion, signals a promising trajectory towards continued growth and success in the ever-evolving landscape of cybersecurity.

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