Strong momentum in the data protection market fuels an expanded vision
Odaseva, the leading Enterprise Cloud Trust Platform for organizations with business-critical cloud deployments, today announced a Series B funding round of $25 million, bringing the company’s total funding to $40 million.
The round, led by Eight Roads Ventures with new investor F-Prime Capital as well as participation from existing investors Partech, Salesforce Ventures, and Serena, will accelerate Odaseva’s strong growth in the enterprise market, building on momentum in North America and internationally, while paving the way for an expanded focus on one of the most important unsolved problems in enterprise technology.
“It’s been more than 20 years, and cloud adoption is still in its early days,” said Odaseva CEO Sovan Bin. “Providers have made major strides in building trust with enterprise customers, and Odaseva is excited to be part of that transformation. Now is the time for us to expand our vision as we enable large-scale customers to accelerate their shift to the cloud.”
Since the company launched in 2012, Odaseva has broadened the scope of data protection for large-scale Salesforce customers from ensuring business continuity to driving operational agility. Customers use Odaseva’s technology for everything from backing up and archiving data to ensuring data privacy to replicating and leveraging data within Centers of Excellence.
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To date, Odaseva’s strategic focus and strong execution have led to remarkable success. The company has seen three consecutive years of 100% revenue growth, driven by its penetration of the enterprise market in North America and internationally.
Over the past two years, Odaseva doubled its headcount and added leading enterprises such as Dropbox, Boston Scientific, and Manulife to a customer list that includes Heineken, Schneider Electric, Robert Half, Toyota, and many other Fortune Global 500 companies—all despite the challenges of operating in a global pandemic.
“Our partnership with Odaseva has been instrumental in helping our company realize the full value of our investment in Salesforce as a mission-critical business platform,” said Jonathan Cipryk, Assistant Vice President of Salesforce Engineering at Manulife, a global financial services company. “Now, we can move data fluidly between production environments, non-production environments, and sandboxes. We can anonymize data. What began with backup and restore has now expanded to change how we think about our data.”
The new round of investment will support several key growth initiatives for the company, including:
- Further development of the depth and breadth of the core Enterprise Cloud Trust Platform offering, supporting platforms including Salesforce, Microsoft 365, and more
- Accelerated hiring in the company’s San Francisco, Sydney, and Paris offices
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- Increased investment in Odaseva’s strong ecosystem of users and partners, extending Odaseva’s long-standing commitment to developing and teaching the best practices of enterprise cloud data protection
“Cloud adoption is facing new challenges as enterprises demand more assurance around compliance, operational risks, and security,” said Michael Treskow, Partner at Eight Roads Ventures. “Odaseva is providing the platform enterprises need to increase their operational agility, especially organizations in highly regulated industries like banking, insurance, and healthcare.”
“The Odaseva team started their journey focused on a major problem for large-scale Salesforce customers, helping them through their move to the cloud,” said Reza Malekzadeh, Partner at Partech. “Through the journey they demonstrated their technical leadership and incredible ability to execute by building on their vision beyond that initial focus market. We are very excited to see this new milestone on their journey to becoming a critical data platform for the cloud.”
“We feel proud and fortunate to have the support of our venture partners and customers as we open a new chapter in our history,” Sovan Bin said. “Our most important work lies ahead.”
“As the earliest investor in Odaseva, we are happy to see Sovan’s vision unfold, as the product becomes more and more mission critical to the Enterprise, fueling the company’s growth in the US, Europe and APAC. With the market potential, growth profile and unit economics, it is no wonder that Odaseva is one of the very few companies who managed to attract a US investor this year,” noted Marie Brayer, Partner at Serena.
