Salesforce data security and backup platform Odaseva has sealed a $54 million Series C equity financing round, bringing its total funding to more than $90 million.
Silver Lake Waterman led the latest round, with participation from existing investors F-Prime, Eight Roads, and Serena Capital, and new investors Eurazeo and Crescent Cove.
The investment comes after “several new marquee customer wins” across industries and geographies, according to a statement, and will support further growth, including additional investment into enhanced data security and zero trust product offerings.
Odaseva technology is used to protect over 100 million end users at customers around the world, including a “growing number of Global Fortune 500 companies.” Existing customers include the likes of Michelin, Accor, and Schneider Electric. The platform enables Salesforce end-to-end encryption, optimizes Salesforce availability “up to 99.99%” and delivers “among the best-in-the-industry” Salesforce Recovery Point and Time Objective (RPO/RTO), claims Odaseva.
“Odaseva’s commitment to data security exceeds the requirements of even the most complex, highly regulated businesses in the world,” maintained Sovan Bin, CEO and founder of Odaseva. “This round of funding will help to accelerate our growth into new markets and keep us at the forefront of innovation in the space.”
Bin, who led the Salesforce customer architect team in France before founding Odaseva 12 years ago, has not put a value on the firm after the latest funding round. After establishing the biz in Paris, he then headquartered it in San Francisco in 2019.
Odaseva started as a project for a single customer, Schneider Electric, to protect its Salesforce data. Work mushroomed. It took seed funding of $2.3 million in 2017 and then launched itself again, with senior hires from that period classed as co-founders:
- CMO Rémy Claret in 2018
- Chief Growth Officer Vincent Demarre in 2018
- Chief Legal Officer Richard Zolezzi in 2019
As Salesforce’s business grew, so did the need for its customers to protect their data – and Odaseva’s business potential rocketed. It raised $11.7 million in a 2019 A-round, then $25 million in a 2020 B-round. It passed 100 million users in 2022. The latest $54 million speaks to investors’ belief in Odaseva’s potential – notwithstanding that there are many competing Salesforce backup suppliers. These include AppOmni, Arcserve, AvePoint, CloudAlly, Cohesity, Commvault (with Metallic), Druva, Flosum, HYCU, IBM, Kaseya’s Spanning, Keepit, Opswat, Own Company (OwnBackup as was), Skyvia, Varonis, and Veeam, which entered this niche of the data protection market in May 2022. There is also WithSecure and no doubt others we haven’t mentioned, as well as Rubrik, which will add Salesforce to its Jira SaaS app protection base.
That’s 19 suppliers all basically selling the same Salesforce customer data backup service.
Virtually all these suppliers protect more SaaS apps than Salesforce, and many protect on-premises workloads as well. For both these classes of Odaseva’s competitors, Salesforce backup is a feature – certainly not the product. This makes Odaseva stand out and presents it with strong and well-funded competition that can supply multiple SaaS app and on-premises protection to its customers. If and when its growth in the Salesforce backup market tails off, Odaseva will most likely expand sideways – to protect other SaaS apps. By then, the greenfield backup opportunities in SaaS app protection will be increasingly limited and some form of supplier collaboration and even consolidation may take place. Until then, Odaseva is in clover, and may possibly be viewed as an acquisition target.
“The Odaseva team has built a leading data resiliency platform for the Salesforce ecosystem that provides security and continuity solutions for mission critical applications,” commented Shawn O’Neill, managing director and group head of Silver Lake Waterman. “Sovan and the Odaseva leadership team have a solid track record of building value and trust with global enterprise customers, and we are partnering with the team to help drive further growth.”
The Series C funding will support growth for the Odaseva Enterprise Data Security Platform in North America, Europe, and Asia Pacific, also continuing to hire talent at the executive level following the recent additions of Steven Corbin, chief financial and operating officer, Matthew Johnston as chief revenue officer, and Susan Lansing as chief people officer.
