Strong momentum in the data protection market fuels an expanded vision
SAN FRANCISCO, CALIFORNIA, October 27, 2020 - 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.
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
- 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.
Odaseva partners with the largest and most sophisticated organizations in the world to accelerate their trust in business-critical cloud applications. Fortune Global 500 industry leaders use Odaseva technology to back up and restore data, ensure data privacy and regulatory compliance, and use data to drive operational agility. Engineered for Salesforce by Salesforce experts and endorsed by Salesforce Ventures, Odaseva is trusted by 30+ million users and has received 100% five-star reviews over eight years on the Salesforce AppExchange.
About Eight Roads Ventures
Eight Roads Ventures is a global venture capital firm managing $6bn of assets across offices in the UK, China, India, Japan, Singapore, and the US. Our 50-year history of investing includes partnerships with over 300 companies such as Alibaba, Appsflyer, BlackDuck, Chewy, Devoted Health, Flywire, Icertis, iPipeline, Kensho, Letgo, Made.com, Neo4j, Nuance, Paidy, Ping Identity, Prosper, Toast, Wallapop, WuXi PharmaTech, and Xoom.
About Salesforce Ventures
Salesforce is the global leader in Customer Relationship Management (CRM), bringing companies closer to their customers in the digital age. Salesforce Ventures, the global investment arm of Salesforce, invests in the next generation of enterprise technology that extends the power of the Salesforce Platform. Salesforce Ventures is building the world's largest ecosystem of enterprise cloud companies and extending that technology to customers. Portfolio companies receive funding, strategic advisory, and operating support, and can easily join Pledge 1% to make giving back part of their business model. Salesforce Ventures has invested in more than 400 companies, including DocuSign, GoCardless, Guild Education, nCino, Snowflake, Twilio, Zoom, and others across 22 countries since 2009. For more information, please visit www.salesforce.com/ventures.
Founded in 2008 by entrepreneurs for entrepreneurs, Serena invests in bold ventures and provides them with an unrivaled level of expertise and operational support. In just ten years, the firm has already contributed to the emergence of many success stories and has currently 40 handpicked startups in its portfolio such as Dataiku, Evaneos, Malt, IbanFirst, CybelAngel, or Lifen.
With a portfolio of almost 180 companies spread across 30 countries in Europe, the US, Africa, and Asia, Partech has been one of the leading international investors helping visionary founders for almost 40 years. The Partech team – made up of both former entrepreneurs and executives from 15 different countries – brings capital, experience, strategic support, and networks to entrepreneurs at every stage of development: seed, venture, and growth. With over €1.5B under management, Partech invests from €200K to €50M in B2B and B2C technologies reshaping industries. Companies backed by Partech have completed more than 21 IPOs and more than 50 strategic M&A transactions valued over $100M. For more information visit partechparners.com and follow @partechpartners.
About F-Prime Capital
F-Prime Capital is a global venture capital firm investing in healthcare and technology. For the past 50 years, our independent venture capital group has had the privilege of backing great entrepreneurs building groundbreaking companies. With over two billion dollars under management and a global portfolio of more than 190 companies, we champion those dedicated to creating positive change in the world. F-Prime is headquartered in Cambridge, MA, with offices in London, UK and San Francisco, CA. For more information, please visit fprimecapital.com and follow us on Twitter and LinkedIn.