Singapore-based startup Dathena acquires $12 million in its recently concluded Series A Funding Round, said ZDNet. The fund will be funneled toward research and development, as well as its plans to enter the United States market.
The funding round was headed by Jungle Ventures along with existing participants including Cerracap Ventures and MS&AD Ventures, Caphorn, SEEDS Capital. SEEDS is the investment fund of the Singaporean government handled by the agency Enterprise Singapore.
According to a report by Tech Crunch, this infusion means that the company has raised a total of $18 million.
Dathena is dedicated to creating security and privacy solutions using artificial intelligence (AI). It also worked on categorizing and managing sensitive information, with a whopping 99% accuracy and 80% operational savings.
Founder and CEO Christopher Muffat said that the firm aims to “build trust in the digital world, even as companies navigate these challenging times and are inundated by torrents of data from exponentially multiplying sources.”
Muffat added that the funds obtained from the round will “help [the company] accelerate [its] product development and go-to-market efforts.” Its R&D strategies will also benefit from the fund, especially in creating a self-service and plug-and-play platform, said Tech Crunch.
The report added that it will be used to hire more sales, marketing, and customer service staff in its locations across the world.
In a statement released by the firm, it revealed that the money will also be used to expand into North America, particularly in the US. Dathena is planning to open an office in New York City.
The company has also established a co-sell partnership with Microsoft, which it aims to grow. Its collaboration with Microsoft involves aiding in the automation of data protection in services such as Azure Cloud and Microsoft 365.
The startup is also expected to help in bringing the vendor’s standards to comply with data privacy regulations in place including the California Consumer Privacy Act (CCPA). Tech Crunch also noted that the European Union’s General Data Protection Regulation (GDPR).
Aside from its expansion into the US market, Dathena also operates in Paris and Geneva with over 100 employees. Its teams are composed of data scientists and experts to ensure the successful provision of data security. Currently, it has more than 200,000 users globally.
Muffat said that Dathena’s direct competitors include DocAuthority, MinerEye, and Exonar, which all focus on data organization and protection.