Data security platform Sotero has raised $8m in a seed extension round, which brings the round’s total to $13m.
The round was led by Israel-based venture firm OurCrowd, with commitments also coming from Gutbrain Ventures, PBJ Capital and Boston Seed Capital.
Sotero hopes to leverage OurCrowd’s mentorship, industry advisors and multinational partnerships. By doing this, it hopes it can unlock significant growth in the US data security market, further the development of its technology and more.
Sotero co-founder and CEO Purandar Das said, “We are grateful for our existing investors who have been very supportive of our organisation and vision. We extend that gratitude to our new investor OurCrowd that sees our product’s value.
“Today, with Sotero, customers are securing structured and semi-structured data. With this funding round, we will invest resources into technology development to expand that security to unstructured data, which more than 90% of the market is struggling to protect today.”
Sotero claims to be reshaping the data security market with the industry’s first data-focused security platform. Its data-centred solution consolidates all data instances, applications and security point solutions into one easy-to-manage platform that offers full visibility, governance and auditability of data assets.
It claims to give organisations a scalable and flexible data security solution that migrates and moves data securely. Organisations get full control over their data privacy, compliance, audibility and governance.
The RegTech company previously raised $5m in a funding round back in 2020. The round was led by Gutbrain Ventures, with support also coming from Boston Seed Capital and PBJ Capital.
Another data protection platform to raise funds this year is TokenEx. The company, which helps protect sensitive data exchanged between companies, recently raised $100m for its Series B round.
Copyright © 2022 RegTech Analyst