Data security firm ALTR, a Florida-based startup specializing in blockchain-based security tools, has successfully raised $25m.
According to Security Week, this substantial financial injection, led by John Stafford III, also saw participation from an array of new investors hailing from diverse sectors such as finance, medicine, and data.
Since coming out of stealth mode in 2018, ALTR has been on an upward trajectory, accumulating over $55 million in funding. The company’s mission is rooted in leveraging blockchain technology to develop cutting-edge data security tools. These tools are designed to revolutionize how organizations manage and protect their data.
ALTR’s latest funding round is earmarked for several strategic initiatives. Primarily, the company plans to accelerate its go-to-market strategy. This expansion will include broadening its reach across various data sources, strengthening partner integrations, and enhancing channel relations. Such moves are poised to solidify ALTR’s position in the data security landscape.
At its core, ALTR offers an innovative technology solution. The company’s product suite enables database administrators, data engineers, and architects to streamline their operations. Key features include reducing manual tasks, enhancing visibility into data usage, and automating data access controls. Furthermore, ALTR’s products bolster data security through rate-limiting and tokenization-as-a-service.
These tools are not only efficient but also comprehensive in their approach to data security. They provide corporate defenders with the necessary instruments to monitor data usage, including advanced features like data usage heatmaps and analytics dashboards. Additionally, ALTR’s technology enables precise control over access to sensitive data, enforcing classification-based policies and masking personal identifiable information (PII), such as social security numbers and email addresses, to maintain data confidentiality.
ALTR CEO James Beecham said, “This funding is a testament to our innovative approach in the data security space. Our focus on blockchain-based solutions sets us apart and this investment will help us to further our mission to protect sensitive data with cutting-edge technology.”
The announcement of this Series C round adds to ALTR’s impressive track record of securing funding, reflecting the company’s growing influence in the data security sector.
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