Odaseva Raises $54 Million to Secure Salesforce Environments, Bucking the Platform Trend
Cloud services have become increasingly vital for businesses, but their security remains a persistent concern. Consequently, companies offering effective solutions for securing cloud environments are drawing significant interest from both customers and investors. Odaseva, a company solely focused on securing Salesforce environments, recently secured $54 million in funding, showcasing the burgeoning demand for specialized cloud security solutions.
This latest funding round, led by Silver Lake Waterman, also included participation from existing investors F-Prime, Eight Roads, and Serena Capital, along with new investors Eurazeo and Crescent Cove. This brings Odaseva’s total funding to $90 million to date. While the company declined to disclose its valuation, founder and CEO Sovan Bin confirmed that the pre-money estimate of under $100 million on PitchBook is inaccurate. Given the company’s strong momentum, having surpassed 100 million users in November 2022 and boasting prominent clients like Accor, Schneider Electric, and Michelin, its valuation is likely considerably higher.
Odaseva’s journey began with Bin’s experience working at Salesforce over a decade ago. He was tasked with assisting large enterprise clients, including Schneider Electric, which was then Salesforce’s largest global customer, in transitioning to the cloud platform while maintaining the same level of security as their existing on-premises solutions.
"What they wanted was to address all of the security requirements for the single platform, not having to shop around from cyber to data protection to failover management," Bin explained. "But in the cloud, especially, it seems most vendors are not specialized to focus on large enterprises this way."
Bin realized that a dedicated solution addressing the unique needs and challenges of securing Salesforce environments could fill a critical gap in the market. He built Odaseva to provide a comprehensive suite of products designed to work seamlessly with Salesforce, including:
- Data protection: Backup and restore services for data recovery.
- Zero-trust data security: Enhanced security measures to protect data access.
- Data archiving: Securely store and manage archived data.
- Data compliance: Ensure adherence to relevant data regulations.
- Data platform services: Includes sandbox seeding, automation, and other tools to optimize data management within the Salesforce environment.
Odaseva’s name itself reflects its mission, blending French and Cambodian languages: "Oda" signifies audacity in French, while "siva" comes from Sanskrit and embodies selfless service to the community. This perfectly encapsulates the company’s commitment to driving innovation while prioritizing customer success.
As Salesforce has grown in revenue and scope, so has Odaseva, mirroring the increasing demand for specialized Salesforce security solutions. However, Odaseva faces stiff competition from other players like AppOmni, WithSecure, Opswat, Varonis, and even Salesforce itself. Despite this crowded landscape, Bin remains confident in Odaseva’s ability to carve out its niche. He believes the addressable market is vast enough to accommodate multiple players, and for now, Odaseva remains focused on its core expertise in securing Salesforce environments.
This funding round is particularly significant considering the current trend in enterprise IT toward all-in-one platform solutions. With budgets constrained, businesses are gravitating towards comprehensive solutions that are easier to procure and manage. Odaseva’s success, however, demonstrates that there is still room for specialized providers catering to specific needs within the broader cloud landscape.
"The Odaseva team has built a leading data resiliency platform for the Salesforce ecosystem that provides security and continuity solutions for mission-critical applications," said Shawn O’Neill, MD 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 excited to partner with the team and help drive further growth."
Odaseva’s commitment to solving the specific challenges of securing Salesforce environments, coupled with its strong growth trajectory and the continued need for specialized cloud security solutions, positions the company for continued success in a rapidly evolving market. As businesses increasingly rely on cloud services, Odaseva’s focus on specialized security solutions makes it a key player in ensuring the safety of sensitive data, especially within the critical and complex Salesforce ecosystem.
