ALTR Solutions – a leading innovator of automated data governance and data security solutions – recently announced that it has closed on its $25 million Series C Preferred financing to meet the overwhelming demand for its SaaS-based data access governance and security solutions.
Headed by John Stafford III and including new investors from the financial, medical, and data space, the Series C will be used for boosting ALTR’s market position in the cloud data access governance and security space, fast-track its go-to-market strategy by expanding its footprint across various data sources, grow partner integrations, and develop channel relations.
Since the closing of ALTR’s $15 million Series B in 2020, the company has realized significant milestones, including:
— An annualized increase in Snowflake Partner Connect (SPC) activations of over 325%, accounting for hundreds of new ALTR + Snowflake customers since ALTR launched on SPC in September 2021.
— Snowflake-based ARR grew by 472%, database connections by 70%, active policies by 130%, and conversion from ALTR Free Forever to ALTR Enterprise by 40% year-to-date in 2023.
— Introduced Snowflake native format-preserving encryption using Snowpark, which is the industry-first solution module running natively on Snowpark.
— Announced an open-source data governance integration initiative built for the Snowflake Data Cloud, including direct integrations with Matillion and Alation to boost ALTR’s Shift Left interoperability approach across the modern data ecosystem.
— Named James Beecham as Chief Executive Officer
— Secured a multi-year contract with a leading Fortune 10 company and realized a 70-fold increase in the customer base across industries such as financial services, healthcare, oil & gas, retail/CPG, advertising and technology, and logistics.
ALTR enables database administrators, data engineers, and data architects to drastically reduce manual tasks and hand them off completely to deliver greater value from their data quickly. Hundreds of companies and users utilize ALTR’s data governance platform to gain unparalleled visibility into data usage, automate data access control, and secure data with patented rate-limiting and tokenization-as-a-service.
KEY QUOTES:
“Data owners need to protect data during the entire journey from source systems to the cloud. They now realize it isn’t sufficient to rely on securing data only after landing in a cloud data warehouse or analytical store. ALTR’s unique solution helps some of the world’s biggest brands expand data governance and security from inside the cloud upstream into data pipelines and catalogs. It’s the power to orchestrate protection across the whole data journey that defines their ‘Shift Left’ approach. ALTR’s highly available, cloud-native service powers this Shift Left orchestration by keeping data secure and compliant throughout its entire journey from source to cloud to user. I am excited to be working alongside James and the entire ALTR team to help the company continue to capitalize on this tremendous market opportunity and I cannot wait to see where this trajectory will take us.”
— Jonathan Sander, former Field Security CTO at Snowflake and ALTR Board member
“Sensitive and regulated data that is left unprotected prior to reaching the cloud data warehouse means that data is at a high risk of exposure. The architectural advantages of ALTR’s pure SaaS solution points to its growth and sustainability strategy around enterprise customers who are looking to govern and secure sensitive data in the cloud with minimal friction. ALTR is the only data access governance and security solution that ensures organizations can protect data ‘to the left’ moving from source system to the cloud to data consumer.”
— Sanjeev Mohan, Principal at SanjMo and former Gartner analyst
“This latest funding is a true testament to ALTR’s customer-centric approach and to our growth and sustainability strategy around enterprise customers who are looking to govern and secure sensitive data in the cloud. 2023 has been a year of exponential growth and development for ALTR that includes the expansion of customers, further development of internal teams, and a broadening of our product offerings. We are thrilled to be recognized by visionaries in the data ecosystem as it underscores the importance of establishing a solid data governance and security approach and will ensure we continue to deliver on our mission of helping organizations use data effectively and responsibly, so they remain compliant with an ever-growing number of regulations.”
— James Beecham, Founder and CEO of ALTR
