Summary List Placement
Data privacy and protection are booming in the wake of new regulation and security threats. “The data protection market in the US is estimated at $22.4 billion,” the market research firm ReportLinker wrote in April, making it “critical for businesses in this space to keep abreast of the changing pulse of the market.”
Other experts agree. Enterprises should “adopt new strategies for how they collect and protect sensitive information while balancing their own needs vs. those of the customer,” Deloitte urged in a June report.
It’s this need that has helped startup Skyflow catch the attention of potential customers and investors.
With the aim to help companies manage, access and govern sensitive customer data, Skyflow announced Tuesday a $17.5 million Series A funding round led by Canvas Ventures. The company says its secure data vault allows developers to quickly build applications in the cloud without worrying about data security, privacy, or compliance. Skyflow has built a zero-trust data vault that it says uses the latest industry-standard encryption to protect data.
“Customers are telling us they want a simpler, unified way to securely handle sensitive data,” says Anshu Sharma, CEO and cofounder of Skyflow. He said his firm helps companies document their safe data handling to meet regulations such as Europe’s General Data Protection Regulation (GDPR).
“Protecting sensitive data has been a pivotal challenge in the enterprise for decades,” said Paul Hsiao, general partner at Canvas Ventures. The investor said his firm was particularly impressed with Skyflows recent rapid growth.
Skyflow also has the respect of a familiar name in cloud computing: Okta CEO Todd McKinnon, who worked with the cofounders in the late 2000s.
“Anshu and Prakash recognized the power and potential of the cloud while we were all at Salesforce,” McKinnon says. “It’s great to see them furthering that potential.”
The round brings Skyflow’s total funding to $25 million (though the firm declined to share its valuation) over the last year and includes Foundation Capital, which led the seed round. Skyflow says it plans to aggressively grow its sales and marketing, expand its product portfolio, and hire engineers.
The pitch deck of slides used by an up-and-coming startup shows how encryption – disguising and encoding data – is winning out over old-fashioned perimeters like firewalls and antivirus that all-too-often failed to keep data in and hackers out.
Here is the pitch deck Skyflow used to raise its $17.5 million Series A round: