Data Security Company Raises $25M for Market Expansion, Rollout

The funding will be used to bolster ALTR’s market position in the data security space, as companies see increased risk of cyberattack

Scarlett Evans, Assistant Editor, IoT World Today

November 16, 2023

2 Min Read
ALTR provides a platform to simplify and unify data governance and security

Data security startup ALTR Solutions has closed its latest funding round with $25 million, funds the company says will be used to expand its market standing and support the rollout of its security solutions.

While full details of the investors were not disclosed, ALTR said the series C funding round was led by independent investor John Stafford III and included new investors from the financial, medical, and data space.

Founded in 2017, ALTR provides a platform to simplify and unify data governance and security, offering users visibility into data usage and the ability to automate data access control. 

On its website, ALTR says it is “the only automated data access control and security solution that allows you to easily govern and protect sensitive data in the cloud.”

The company’s last funding round in 2020 brought in $15 million, which ALTR said was used to bolster its market standing, with customers across industries including financial services, health care, oil and gas and logistics.

With instances of cyberattack on the rise, the need for robust data security solutions is growing and ALTR said it intends to remain at the forefront of this changing landscape.

“The cost of a data breach is much lower for those with a formal security architecture, but dangerously high for organizations without the proper protections,” a company spokesperson said.

Related:Cybersecurity Startup Raises $30M for Intrusion-Detection Tech

“Data owners need to protect data during the entire journey from source systems to the cloud,” said Jonathan Sander, ALTR board member. “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 … keeping data secure and compliant throughout its entire journey from source to cloud to user.” 

The company also said the latest funding will be used to expand partnerships and “channel relations” as it looks to broaden its product offerings and further develop its technology.

“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,” said James Beecham, ALTR’s CEO. “We…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.” 

About the Author(s)

Scarlett Evans

Assistant Editor, IoT World Today

Scarlett Evans is the assistant editor for IoT World Today, with a particular focus on robotics and smart city technologies. Scarlett has previous experience in minerals and resources with Mine Australia, Mine Technology and Power Technology. She joined Informa in April 2022.

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