Data Privacy API Company Skyflow Raises $17.5 Million In Series A

By Dan Anderson ● Dec 15, 2020
  • Skyflow — a data privacy API company — announced that it has raised $17.5 million in Series A funding. These are the details.

Skyflow — a data privacy API company — announced that it has raised $17.5 million in Series A funding to drive the growth of its data privacy vault. This round of funding — which was led by Canvas Ventures — brings the total amount raised to $25 million over the last year and includes Foundation Capital. With this round of funding, Skyflow plans to invest aggressively to build out its sales and marketing organization; expand its product portfolio with vertical-specific vaults for finance, health and B2C companies; and hire engineering and operations teams to serve the needs of a growing list of customers.

And Skyflow also radically simplifies how companies manage, access, and govern sensitive customer data. The zero-trust data vault with an elegant API allows developers to quickly build applications and workflows without worrying about data security, privacy, or compliance.

Companies that handle personally identifiable information, payments, and healthcare data (PII, PCI, or PHI) face ever more sophisticated attacks as well as increasing data compliance challenges like GDPR and CCPA. And although an abundance of cybersecurity products exists, data breaches and compliance problems are still common because these products act like patches on existing systems.

Organizations tend to spend tens of billions of dollars on compliance without fundamentally solving for the privacy and security of the data entrusted with the healthcare, finance, and other apps people use.

Skyflow takes a different approach. As inspired by the data vaults built internally by companies like Apple, Google and Netflix that spend tens of millions of dollars on privacy, Skyflow has built a zero-trust data vault that any company can use. And at its core, the Skyflow data privacy vault is powered by a radical new approach called polymorphic encryption — which utilizes the latest industry-standard encryption and tokenization algorithms.

KEY QUOTES:

“Our customers asked us­—why can’t I be more like Apple? These companies are tired of buying tool after tool just for compliance. Customers are telling us they want a simpler, unified way to securely handle sensitive data. They need to serve their users by running workflows and analytics while meeting increasingly stringent privacy expectations and regulations such as CCPA and GDPR. Skyflow’s data privacy vault does just that via a simple API.”

— Anshu Sharma, CEO and co-founder at Skyflow

“Protecting sensitive data has been a pivotal challenge in the enterprise for decades. The phenomenal growth Skyflow has seen in a few short months speaks to the strengths of the Skyflow team and their data platform for solving very complex privacy challenges.”

— Paul Hsiao, general partner at Canvas Ventures