France-based data management software provider Odaseva has received $11.7m in a series A round that included Salesforce Ventures, the corporate venture capital subsidiary of enterprise software producer Salesforce.
Partech Ventures led the round, which included fellow venture capital firm Serena Capital. The company said it has now raised $14m since it was founded in 2012, and described Serena as an existing investor.
Odaseva has developed a software platform that allows organisations to automate the process of managing, archiving and securing their data, helping them to comply with data privacy regulations such as the European Union’s General Data Protection Regulation (GDPR).
The product is used by enterprises running critical business applications in the cloud, such as automotive manufacturers General Motors and Toyota, alcohol brand Heineken and energy management and automation system producer Schneider Electric.
In addition to doubling the size of its team, Odaseva will use the funding to expand its sales and technology partnerships.
Sovan Bin, Odaseva’s founder and CEO, said: “Serving a marketplace that’s growing at large double-digit percentages annually, and with a comprehensive, highly differentiated offering for data privacy, compliance and automation, we are fortunate to have established a defensible lead position.”