ALTR Secures $15M in Funding
AUSTIN, Texas, May 14, 2020—ALTR, developer of data governance and protection technologies, has announced a $15 million financing round supported by existing investors from institutional and private sources in the cybersecurity, IT, and financial services industries.
The financing round caps a year of growth and achievement for ALTR that includes customers in diversified sectors, broadened sales and business development efforts, and an expanding patent portfolio. ALTR will use the capital infusion to firmly position its data-security-as-a-service (DSaaS) solution as the choice for the cloud era, and a growth strategy that embraces the broader market opportunity represented by trends around cloud security and development.
“Data security and privacy remains dominated by outmoded solutions that all have the same problem—they weren’t created to achieve innate cyber-resiliency, and most underestimate the challenges of the cloud,” said Dave Sikora, CEO at ALTR. “This new funding provides us the latitude to embrace the broader market opportunity we have with our DSaaS approach and underscores our momentum in leveraging where the market is going.”
Entire industries are re-examining their data-security posture, with 85 percent of enterprises planning to use a brokered cloud access security solution by the end of this year—up from less than 5 percent in 2015—according to Gartner. Moreover, with a growing corpus of regulations like the General Data Protection Regulation (GDPR) and California Consumer Privacy Act (CCPA), demand is on the rise for data security that is ready for the cloud age including servers, storage, databases, networking, applications, and analytics.
ALTR DSaaS has recently been adopted by companies in diverse industries including Q2 eBanking, a multi-billion dollar digital banking solutions company that selected the platform to create Q2 TrustView, which is helping more than 400 enterprise banking customers and over 13 million end users secure sensitive banking and financial data. FRTYL, the world’s largest service that links fertility clinics with intended parents seeking to build their families using donated eggs, sperm, embryos and gestational surrogacy, uses ALTR to safely store, retrieve, and anonymize sensitive patient data.
Sikora continued, “Across industries, from financial institutions looking to improve service while protecting personal financial information, to healthcare and medical services providers looking to improve outcomes while protecting patient privacy, ALTR DSaaS more succinctly fits the immediate security and governance needs of companies in a unified world of big data, hyper-networked computing, and intensified data management dictates.”
Building on security-as-a-service (SECaaS) innovation, ALTR has developed the first service of its kind to integrate data security natively at the application layer directly between users and the data itself. It leverages proprietary blockchain-derived technology for vaulting data and data access records, for immutable compliance monitoring, dynamic masking for privacy, thresholding to protect against theft, and tokenization for security at-rest.
ALTR solves the problem of threats to data security by protecting the data that applications create, store, and share from breaches and intrusion. The ALTR service allows developers to embed data monitoring, governance, and at-rest protection natively at the application layer. ALTR provides an API and scalable smart database drivers that make it possible to virtually eliminate data access risks, making applications more portable and cost efficient to implement and maintain than traditional applianceware or outdated endpoint security systems.
ALTR recently announced a series of key executive appointments that point to its growth strategy around enterprise-scale customers, including Jim Brzezinski as vice president in charge of the firm’s sales programs, and Brain Stoner to vice president leading channels and alliances.
ALTR is the first software company to unleash the cybersecurity benefits of blockchain for the enterprise. The ALTR platform, based on ALTR’s proprietary ALTRchain technology, restores digital trust to organizations by fundamentally changing the way valuable data is monitored, accessed and stored. It is simple to deploy and easy for both technical and non-technical business stakeholders to use, providing them with an intrinsic view and control over the inner data-environment of an organization including how sensitive data assets are used or seen and by whom. The company, which holds 12 issued and allowed patents and has more than 30 patents pending, is based in Austin.