Securing cloud providers stays a problem for enterprises. That’s why a number of corporations have been engaged on security options that particularly tackle that want.
Within the newest instance of that, Odaseva has raised $54 million in funding. This startup focuses on one sole use case: securing Salesforce environments. Silver Lake Waterman is main this spherical, with earlier backers F-Prime, Eight Roads and Serena Capital additionally collaborating. New backers Eurazeo and Crescent Cove are finishing the spherical.
Odaseva has now raised $90 million thus far. It’s not disclosing its valuation however founder and CEO Sovan Bin mentioned that sub-$100 million pre-money estimate in PitchBook is unquestionably fallacious. Contemplating that this Sequence C is approaching the again of robust momentum for the corporate — which handed 100 million customers in November 2022 and counts the likes of resort large Accor, Schneider Electrical and Michelin as prospects — the valuation is more likely to be a lot increased.
Odaseva has an attention-grabbing backstory that led to the startup’s creation.
Sovan Bin used to work at Salesforce greater than a dozen years in the past, at a time when the CRM large was already massive however not practically as massive as it’s right now. There, he was primarily based in Paris and was tasked with serving to a number of the Salesforce’s largest prospects, corresponding to Schneider Electrical (which on the time was truly Salesforce largest buyer globally), work out how one can use Salesforce and have or not it’s as safe as what it was changing, which was a set of on-premises options.
Bin mentioned that they discovered that Schneider and the others have been all utilizing a set of various options to safe their environments — level options, however extra round factors of vulnerability than factors of particular utility utilization.
“What they wished was to handle the entire security necessities for the only platform, not having to buy round from cyber to knowledge safety to failover administration,” he mentioned. “However within the cloud, particularly, it appears most distributors are usually not specialised to give attention to giant enterprises this manner.”
His strategy, primarily based on his deep understanding of Salesforce particularly, was to construct an answer that may work with it and its particularities and use circumstances.
It labored, and he noticed that there could possibly be an even bigger enterprise in promoting that answer for others. Thus, Odaseva was born, initially in Paris, later relocating to San Francisco to be nearer to prospects within the U.S. Its merchandise right now embody knowledge safety (together with backup and restore providers); zero-trust knowledge security; knowledge archiving; knowledge compliance (which has positively grown with rules); and knowledge platform providers (which incorporates sandbox seeding, automation and extra).
Bin is French-Cambodian and the corporate identify Odaseva combines phrases from each languages, with a really lateral development to the corporate’s mission assertion. “Oda is predicated on the phrase for ‘audacity’ in French, and ‘siva’ comes from a really outdated phrase in Cambodia, from Sanskrit, which means, serving to the neighborhood in a really selfless means, attempting to assist the elders. Lengthy story quick, it’s referring to attempting to be progressive when fascinated about buyer success.”
As Salesforce has grown in income and scope as a enterprise during the last 12 years — it made greater than $9 billion in income within the final quarter, and since 2012, its full-year revenues have elevated greater than 13-fold because it’s introduced on plenty of completely different providers for customers — so has Odaseva. However so have others after figuring out the chance right here.
The multitude of corporations offering security options particularly for Salesforce customers, and the Salesforce surroundings, embody AppOmni, WithSecure, Opswat, Varonis, and even Salesforce itself. That aggressive panorama, nevertheless, doesn’t appear to faze the startup. Bin tells me that the addressable market is giant sufficient that, even when sooner or later Odaseva would possibly take a look at tackling different SaaS purposes, for now there aren’t any plans to take action.
One different factor to notice right here: Odaseva’s funding is critical additionally due to a number of the bigger market context. The pendulum in enterprise IT during the last a number of years has swung within the route of platforms and away from level options. The narrative has gone one thing like this: budgets are constrained so consumers are on the lookout for all-in-one options which are a lot simpler (and thus inexpensive) to obtain and ultimately function, and so there’s a consolidation underway as extra level options (serving narrower use circumstances) come collectively beneath larger umbrellas.
Odaseva’s focus, and success in pursuing it, implies that there’s nonetheless very a lot a possibility left for gamers who don’t subscribe to that narrative.
“The Odaseva staff has constructed a number one knowledge resiliency platform for the Salesforce ecosystem that gives security and continuity options for mission crucial purposes,” mentioned Shawn O’Neill, MD and group head of Silver Lake Waterman, in an announcement. “Sovan and the Odaseva management staff have a stable monitor report of constructing worth and belief with international enterprise prospects and we’re excited to associate with the staff and assist drive additional development.”
