In a world where data security is a top priority for businesses, Odaseva’s latest funding round will have a huge impact on the Salesforce ecosystem. The company has just raised a huge $54M in a recent Series C funding round, bringing their total funding to $90M. But what exactly is Odaseva, and why is it important to Salesforce?
This week, I had the chance to speak to the CEO of Odaseva, Sovan Bin, to discuss how far this recent round of funding will go towards enhancing their data protection plan and the steps they are taking following this success.
Sovan Bin and Odaseva
Before we dive into the details of Odaseva, let’s first look at Sovan’s journey – having started as an employee at Salesforce, to leading his own data protection company:
“The company was founded more than 10 years ago while I was working at Salesforce. Several of my large enterprise customers identified some areas where they wanted to elevate their security posture in Salesforce to complete their customer 360, but they needed more data in the system – to get more data in the system, they needed even more security.
“So alongside my team at Accenture, we conducted a three-year study. It concluded that there was no offering for very large enterprises that cover the multiple aspects of data security to support customers in their Salesforce journey. That was an opportunity to start the company.”
From this thorough research, Odaseva was born – a data security platform that specializes in safeguarding and organizing enterprise data within the Salesforce ecosystem. Through data encryption and data governance solutions, Odaseva ensures that businesses can protect critical information for their customers.
Trusted by Global Fortune 500 companies (Michelin, Accor, and Schneider Electric) and over 100 million worldwide users, Odaseva continues to be a leading enterprise data solution provider for the Salesforce ecosystem.
They have multiple offerings that make them both trustworthy and successful:
- End-to-End Encryption: Encryption solutions for Salesforce data that ensure information remains secure.
- The Zero Trust Approach: A security model that means every user, system, and device must prove their trustworthiness before they are allowed to access sensitive data.
- Being a NoView Provider: A designed system that ensures they do not have access to sensitive information. They can protect it, but they can’t open it.
- RPO/RTO: Offers quick Recovery Point and Time Objective (RPO/RTO). This means that Odaseva can help businesses recover lost data quickly and efficiently while minimizing downtime.
- Compliance: Aligned with many important data privacy regulations, such as ISO, SOC2, and GDPR.
Being a NoView provider is the key differentiating factor that helps Odaseva stand out from competitors; they are the only data protection company that offers this service.
“When working with large-scale customers, the first thing that they ask is: ‘Can I really trust you? You guys (Odaseva) are pretty small in comparison to who we are.’ So we had to create trust by removing the need to trust us.
“So we said, you don’t really need to check our penetration testing or our processes because, look, this is what we have – we have nothing. Since we cannot view what you have, it means our security posture is so high that actually it’s easier to attack elsewhere in your architecture than a NoView provider. That made us very successful.”
How Will Odaseva Invest Their Money?
Receiving such a large amount of money is a huge vote of confidence from the firms (Silver Lake Waterman, F-Prime, Eight Roads, and Serena Capital) that decided to make this move. It did, however, come as a surprise to Sovan and Odaseva, who had no initial plans to raise any funds until the offers came along:
“We actually didn’t want to raise during that period of time because we saw that our valuation was not where we wanted it to be. That’s why we were staying away from it.
“We were targeting breaking even at the beginning of 2025. That’s why we didn’t need the money. Then we got contacted by several VCs (Venture Capital firms) with really outstanding valuations, and that made us reconsider. The offers were too good to pass up.”
Despite this, there are no qualms surrounding Odaseva’s plans for this investment, with the company in good stead to expand on what is already a successful platform with two key goals.
Firstly, global expansion is of utmost importance to Odaseva – they maintain operations across multiple countries around the world and want to enhance their presence in each region.
“We operate in eight countries, with the headquarters of the company based in France. We also have subsidiaries in the UK and Germany, as well as the US, where most of our revenue is coming from. Then we also have Singapore, Malaysia, and Australia. So the first step was to accelerate our operation, get closer to our customers, and operate faster and better in the countries we’re in.
“In addition, we want to open in new regions where Salesforce has an existing presence – wherever Salesforce is, Odaseva should be at some point.”
Secondly, Odaseva plans on improving their security and confidentiality offerings (Zero Trust and NoView providings).
“The Series C funding will also accelerate the development of security and positioning with our customers. It will change the way the Salesforce ecosystem addresses data, elevating the security posture to bring even more data and completing the customer 360 experience.”
Final Thoughts
Thanks so much to Sovan for sharing his thoughts during what is a very exciting time for Odaseva.
Odaseva’s growing presence in the ecosystem has been strengthened by this latest funding round. The ambition to scale their product is now within reach, as funds will be further invested in expanding their operations and strengthening their already robust solutions.