Altr has raised $15 million to broaden its enterprise of offering data-security-as-a-service within the period of cloud know-how.
The Austin, Texas-based firm has created a knowledge safety resolution that lets organizations monitor, entry, and retailer essential info.
“We’ve made tons of progress,” stated CEO David Sikora, in an interview with VentureBeat. “We’ve got great customer traction. We’re in a great spot, with some fresh capital, some highly differentiated technology, and an expanding market opportunity.”
The pandemic is creating that market alternative, given all the safety issues raised by customers accessing banking and different delicate knowledge over the web, Sikora stated.
When the corporate got here out of stealth in 2018, it touted its basis in utilizing blockchain know-how for cybersecurity. But that’s not such a novel or vaunted technique in the meanwhile, and so Sikora doesn’t pin the corporate’s complete id on that.
“Blockchain is an important part of our patent portfolio, an important part of our differentiation and disruption opportunity in the market,” Sikora stated. “Even with our strong focus on the enterprise, with blockchain messaging, people would still conflate us with Bitcoin and cryptocurrency. We have advanced our positioning in, in a big way. When we get to third or fourth-level meetings, then we can talk about the distributed ledger technology as a core value.”
Altr now has clients in diversified sectors, broadened gross sales and enterprise improvement efforts, and an increasing patent portfolio. Altr will use the capital infusion to firmly place its data-security-as-a-service (DSaaS) resolution, and it’ll embark on a progress technique that embraces the broader market alternative represented by developments round cloud safety and improvement.
With the assistance of blockchain know-how, Altr displays and observes how delicate knowledge is being moved all through the corporate. If somebody is accessing knowledge in a means that appears suspicious, like somebody with out the correct authority drawing knowledge, then Altr will “pinch the straw” to chop off entry, Sikora stated. “That’s our governance layer, or risk layer.”
Above: Altr’s workforce at work
Many industries are re-examining their data-security posture, with 85% of enterprises planning to make use of a brokered cloud entry safety resolution by the tip of this yr — up from lower than 5% in 2015, in accordance with market researcher Gartner.
Moreover, with a rising physique of rules just like the European Union’s General Data Protection Regulation (GDPR) and California Consumer Privacy Act (CCPA), demand is on the rise for safety that’s prepared to guard knowledge within the cloud age, together with servers, storage, databases, networking, purposes, and analytics.
Altr has signed Q2eBanking, a publicly traded banking firm primarily based in Austin, Texas, as a buyer, offering knowledge safety for 450 banks. And it has additionally signed up Frtyl, the San Rafael, California service that hyperlinks fertility clinics with meant dad and mom in search of to construct their households utilizing donated eggs. Frtyl makes use of Altr to securely retailer, retrieve, and anonymize delicate affected person knowledge.
Altr stated it solves the issue of threats to knowledge safety by defending the information that purposes create, retailer, and share from breaches and intrusion.
The Altr service permits builders to embed knowledge monitoring, governance, and at-rest safety natively on the software layer. Altr supplies an purposes programming interface (API) and scalable sensible database drivers that make it potential to just about remove knowledge entry dangers, making purposes extra transportable and price environment friendly to implement and preserve than conventional appliance-ware or endpoint safety techniques.
Altr lately introduced a sequence of key government appointments that time to its progress technique round enterprise-scale clients, together with Jim Brzezinski as vice chairman accountable for the agency’s gross sales applications and Brian Stoner as vice chairman for channels and alliances.
Altr has about 55 staff, nearly double what it had in 2018. The firm has 27 patents issued, and it has utilized for extra. It has raised $30 million so far from buyers together with angel John Stafford III, a Chicago dealer, investor and buying and selling agency government; Kevin Gainer, an investor and founding father of Efficient Payment Processing (EPP); and Roger Farley, a capital markets entrepreneur and proprietary dealer, and fintech analyst.
“Health care and financial services would be our best hunting grounds, given the regulatory requirements and how stringent companies have to be with protecting that data,” Sikora stated. “But what we’re finding is demand is across the board.”