Odaseva Secures $54 Million to Enhance Salesforce Cloud Security

Securing cloud services is a significant challenge for enterprises, prompting several companies to develop specialized security solutions. Odaseva, a startup focused on securing Salesforce environments, has recently raised $54 million in funding to address this need. Silver Lake Waterman led this funding round, with previous investors F-Prime, Eight Roads, and Serena Capital participating, and new investors Eurazeo and Crescent Cove joining in. This brings Odaseva's total funding to $90 million.

Although Odaseva has not disclosed its valuation, founder and CEO Sovan Bin indicated that the sub-$100 million pre-money estimate from PitchBook is inaccurate. The company's Series C funding follows a period of strong growth, having surpassed 100 million users in November 2022 and securing high-profile clients like Accor, Schneider Electric, and Michelin.

Odaseva's origin story is rooted in Bin's time at Salesforce over a decade ago. Working in Paris, he helped major customers like Schneider Electric, Salesforce's largest customer at the time, secure their Salesforce environments. He noticed that these customers relied on a mix of different security solutions to protect their data, which were more focused on addressing vulnerabilities rather than securing specific applications

"What they wanted was to address all of the security requirements for the single platform, not having to shop around from cyber to data protection to failover management," Bin explained. "But in the cloud, especially, it seems most vendors are not specialized to focus on large enterprises this way."

Leveraging his deep understanding of Salesforce, Bin developed a comprehensive security solution tailored to Salesforce’s unique requirements, leading to the creation of Odaseva. Originally based in Paris, the company later moved to San Francisco to be closer to its U.S. customers. Today, Odaseva offers products including data protection (backup and restore services), zero-trust data security, data archiving, data compliance, and data platform services (sandbox seeding, automation, and more).

The name Odaseva reflects Bin's French-Cambodian heritage. "Oda" derives from the French word for "audacity," while "seva" comes from an ancient Sanskrit word used in Cambodia, meaning "selfless service to the community." This name embodies the company's mission of innovative customer success.

As Salesforce has expanded, generating over $9 billion in revenue last quarter and growing its annual revenue more than 13-fold since 2012, Odaseva has also grown. However, it faces competition from companies like AppOmni, WithSecure, Opswat, Varonis, and even Salesforce itself. Despite this, Bin remains confident in Odaseva’s approach, noting that the market is large enough for specialized players.

Odaseva's recent funding is also significant within the broader context of enterprise IT, where the trend has been towards all-in-one platforms rather than point solutions. Despite this trend, Odaseva's success suggests there is still a substantial opportunity for specialized providers.

Shawn O’Neill, managing director and group head of Silver Lake Waterman, stated, "The Odaseva team has built a leading data resiliency platform for the Salesforce ecosystem that provides security and continuity solutions for mission-critical applications. Sovan and the Odaseva leadership team have a solid track record of building value and trust with global enterprise customers, and we are excited to partner with the team and help drive further growth."