Closing soon: Cybersecurity innovator on track for 400%+ YOY ARR growth
VentureBeat: Sotero closes $8M round. Access for OurCrowd investors
- First-of-its-kind security platform encrypts basic data instead of applications, databases, or networks where data resides, enabling fully protected use and sharing
- Sotero plugs critical vulnerability across industries, customers include pharmaceuticals, financial services, telecom
- 5 POCs underway or planned – one nearing completion – including major US healthcare provider, US federal agency, global retailer, law firm
- Projecting 400%+ YOY increase in ARR at end 2022, based on expected 4X increase in customers; 100% net dollar retention rate
- Winner, 2022 Global InfoSec Award for cybersecurity
- VentureBeat: Sotero closes $8M Seed Extension II; round led by OurCrowd; Gutbrain Ventures, PBJ Capital, Boston Seed Capital co-investing
- OurCrowd allocation still open to investors for limited period
BOOK A CALL
with your Investor Relations representative
Dear Josb,
Cyberattacks pose growing threats to commerce, finance, healthcare and government and other vital assets across all sectors of the economy, costing an average of $4M per data breach. While cybersecurity firms are continually upgrading cyber protection for applications, databases and networks where data resides, they do not secure data as it is being used.
OurCrowd is investing in Sotero, an early-stage company leading the next generation of data security. Sotero's Data Security Platform is designed to close the critical vulnerability of unencrypted data while it is in use. The details in this email are based on information received from, and verified solely by, the company.
Since OurCrowd first launched this opportunity earlier this year, the company reports the following significant developments:
Marquee customers: Sotero has five customers, including a global pharmaceutical company. Given the POCs in progress Sotero projects it will have over 15 customers by the end of 2022.
Major potential customers: Sotero currently has five POCs underway or planned, of which one is in its final stages. Projects cover multiple sectors including a major US healthcare provider, a US federal agency, a global retailer, a large insurance company, and a major law firm. Two additional projects with major US financial institutions are under preliminary discussion.
Projected 400%+ revenue increase: Based on the expected increase in customers in 2022, the company forecasts a 400% YOY increase in ARR by the end of the year. Sotero reports a 100% net dollar retention rate.
Competitive advantage: Sotero holds a US patent for its data-in-use encryption technology. In addition, the Sotero data security platform is cloud native, premise and platform agnostic, and scalable. Organizations can replace numerous platform-specific data security products with one centralized platform, rather than a vast array of legacy-software fixes. IT security teams need not deploy multiple security products to protect each data asset or storage platform.
Full system solution: Sotero's platform has been developed not only to protect the mission critical assets attackers are targeting, but also to simplify data security management by giving security teams complete control over their entire data security ecosystem.
Global InfoSec Award: On June 7th, 2022, Sotero won an Editor's Choice award in the Data Security category at the 2022 Global InfoSec Awards presented during the annual RSA Conference. This is one of the most prestigious and coveted global cybersecurity prizes, awarded by Cyber Defense Magazine. "Sotero embodies three major features we judges look for to become winners: understanding tomorrow's threats, today, providing a cost-effective solution and innovating in unexpected ways that can help mitigate cyber risk and get one step ahead of the next breach," said publisher Gary S. Miliefsky.
The Market
The global data privacy software market is projected to grow from $1.57B in 2021 to $17.75B in 2028 at a CAGR of 41.5%.
The Team
CEO Purandar Das has over 20 years of experience in building world class organizations. CTO Shanthi Boppana has held several senior technology roles throughout her career, building innovative analytical solutions on a broad range of modern platforms.
The Round
OurCrowd is leading an $8M Seed Extension II round with participation from Gutbrain Ventures, PBJ Capital, and Boston Seed Capital. The proceeds will provide 24 months of runway allowing for staff expansion and additional expenses to fuel growth.
As reported by VentureBeat, this round has successfully closed, but OurCrowd investors can still participate for a limited period.
Meet the CEO
Watch an investor briefing with CEO Purandar Das and learn more about Sotero.
The Sotero Solution
Sotero's Data Security Platform uses the company's Intelligent Data Security Fabric to ensure that sensitive data is never left unprotected. Sotero automatically secures the data regardless of where it is, and whether it is at rest, in transit, or in use.
The Data Security Platform is a cloud-native, zero trust platform that consolidates the entire data security stack into a single platform providing an easy-to-manage environment.
Role-based access control ensures that no unauthorized users, not even database administrators at the company or at a cloud provider, can see the data.
Anomaly detection at the data level combined with machine learning detects and prevents threats in real time, providing advanced ransomware detection.
Next steps:
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