Austin, Texas-based data security firm Altr has recently acquired a massive $15 million investment. The announcement came Wednesday, May 13, 2020.
Known as a data security-as-a-service, the company is geared towards providing users and clients alike with access to data security solutions that help access, monitor, and store essential information. The Austin Business Journal also states it leverages blockchain-based technologies to main privacy.
Through blockchain technology, Venture Beat reveals that Altr effectively monitors the data being moved and accessed throughout a company. By extension, should Altr immediately find suspicious activity, it has the authority to cut off the unauthorized access, thus protecting essential information.
To take the necessary precautions, Altr uses a combination of applications programming interface (API) and smart database drivers, both of which serve to cut off risks while remaining affordable to interested consumers.
As of writing, Venture Beat states that the firm has managed to raise a total of $30 million. Key investors for this recent investment round came from the chief executive officer of Ronin Capital John Stafford III and other angel investors, notes the Austin Business Journal.
Other investors who have supported Altr include the founder of Efficient Payment Processing (EPP) Kevin Gainer, as well as a capital market entrepreneur and proprietary trader, Roger Farley.
In a statement, Altr chief executive officer Dave Sikora said, “Data security and privacy remain dominated by outmoded solutions that all have the same problem – they weren’t created to achieve innate cyber-resiliency, and most underestimate the challenges of the cloud.”
As such, Sikora believes that the company’s new funding will allow them to reach a broader market and community with their very own data security-as-a-service approach.
Moreover, it reportedly aims to capitalize on the current trends and technologies essential to the market today, such as cloud security and development.
Altr is currently providing its services to institutions in Austin, Texas, including Q2eBanking, a publicly-traded bank, spanning an expansive data security coverage for around 450 financial establishments.
In the same way, Venture Beat notes that the firm has successfully signed on with other partner companies, such as Frtyl, a California-based firm, and platform which connects prospective parents with fertility clinics in the area. Frtyl leverages Altr’s technology to safely store and secure patient data.
In keeping with the new set of updated regulations, Altr expects to partner with more companies in the future. Sikora believes that while health care and financial sectors are their best bets, they have found an increased “demand [is] across the board.”