Data Access Governance & Security Leader ALTR Closes $25M Series C Funding
Businesses of all sizes are striving to maximize data access and security, however, it might not be enough. An Increasing volume and complexity of data has made it more challenging for businesses to keep their data secure. The average cost of a data breach is $4.24 million, but studies show that companies across the globe are still not implementing enough security measures to protect their data. Automated data governance and security software could offer a potential solution to data governance and security.
ALTR Solutions Inc., a data governance and data security solutions startup, announced that it has secured $25 million in Series C funding to consolidate its position in the cloud data access governance and security market. The funding will be used to advance its SaaS-based data access governance and security solutions. More specifically, it will be used to develop channel relations, fast-track go-to-market strategies, and grow partner integrations.
Founded in 2017, ALTR had previously secured a $15M financing round in 2020 and has since achieved significant milestones including an annualized increase in Snowflake Partner Connect (SPC) activations of over 325% and Snowflake-based ARR growth of 472%. It also secured a multi-year contract with a leading Fortune 10 company and realized a 70-fold increase in its customer base across industries.
Jonathan Sander, former Field Security CTO at Snowflake and ALTR Board member, believes that ALTR’s unique ‘shift left’ approach allows it to offer protection across the whole data journey from source to cloud to user. This helps secure the data in use, at rest, and in motion.
ALTR continues to develop solutions that help some of the world’s biggest brands expand data governance and security from the cloud upstreams into data pipelines and catalogs. Customers use ATLR’s platform to automate data access control and gain visibility into data usage. They also get access to the patented real-limiting and tokenization-as-a-service to secure data.
“This latest funding is a true testament to ALTR’s customer-centric approach and to our growth and sustainability strategy around enterprise customers who are looking to govern and secure sensitive data in the cloud,” said James Beecham, Founder and CEO of ALTR. “2023 has been a year of exponential growth and development for ALTR that includes the expansion of customers, further development of internal teams, and a broadening of our product offerings. We are thrilled to be recognized by visionaries in the data ecosystem as it underscores the importance of establishing a solid data governance and security approach and will ensure we continue to deliver on our mission of helping organizations use data effectively and responsibly, so they remain compliant with an ever-growing number of regulations.”
Under the new leadership of Beecham, ALTR is on its way to the next phase of its accelerated expansion. After securing a significant amount of funding and onboarding several big brands as customers, the future looks bright for ALTR.