Onna collects $11m in Series A to support product expansion
Onna, a centralised data platform, has netted $11m in its Series A equity round to support the expansion of its central information access product.
B2B software and FinTech-focused venture firm Dawn Capital led the investment. Other contributions came from Dropbox, the Slack Fund, and existing early investor, Nauta Capital.
As part of the deal, Dawn Capital general partner Norman Fiore will join the company’s board of directors.
Onna’s technology is leveraged by a range of industries to support legal discovery, compliance, knowledge management and enterprise search. The company offers a central access point for information, making it accessible wherever it is stored.
To ease GDPR compliance, the company empowers companies to centralise their disparate silos to easily respond to access requests and ensure data is protected.
Having closed the round, the company will look to expand its solution to meet the needs of its growing audience.
Dawn Capital general partner Norman Fiore said, “Helping employees find, organize and protect crucial business information when it sits across all these apps is a big challenge. Onna’s solution has already seen great traction in eDiscovery with a legal use case, with annual recurring revenue having more than tripled over the past year.
“But Salim and the team at Onna rightly recognize the opportunity is much bigger. By building an internal search engine for enterprise and giving all employees fast access to their own information, Onna can be an industry game-changer.”
Prior to this round, Onna closed a seed funding round on $5m back in 2017.
Dawn Capital is an active investor in the RegTech market. Earlier In the year, the firm led the $10m funding round of derivative trading analytics platform Open Gamma.
The startup provides banks, hedge funds, asset managers, and pension funds with data analytics to identify opportunities, visualise risks and monitor margins. Its technology stack supports MiFID II compliance by giving immediate response to investor cost requests, access to reporting costs of the past three years.
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