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The capital will support Dathena’s R&D and North America hiring efforts
Singapore-based deep-tech data privacy and security solutions provider Dathena has closed a Series A financing round of US$12 million, the startup announced in a statement.
The Series A was led by Singapore’s early stage venture capital (VC) firm Jungle Ventures, which closed its third fund at $240 million last year.
The round also included participation from French VC business-to-business digitech investor CapHorn and Enterprise Singapore’s investment arm SEEDS Capital. Existing backers Cerracap Ventures and MS&AD Ventures, who had previously invested in Dathena’s venture round early last year, also pitched in.
“Dathena’s global growth positions the tech leader to capitalize on the rapid evolution of the $120 billion data protection market. It’s a shining example of our investment in global tech companies emerging out of Asia and we’re excited to continue to support their rapid growth,” Founding Partner at Jungle Ventures Amit Anand said in the statement.
The fresh capital will be pumped into Dathena’s research and development capacity in addition to increased hiring in New York City, where the company recently opened its U.S. headquarters for expansion into North America.
Founder and CEO of Dathena Christopher Muffat said in the statement, “This Series A funding round will help us accelerate our product development and go-to-market efforts, giving more companies the chance to benefit from our flexible, cost-efficient, and uncompromising data-security solutions.”
Additionally, Dathena also has plans to expand its partnership with Microsoft to the tech giant’s Azure Cloud and Microsoft 365 customer base in the U.S. The startup had signed a collaborative selling or co-sell partnership agreement with Microsoft last year and were working with customers in the Asia Pacific.
Dathena uses patented end-to-end artificial intelligence solutions to help its clients in industries such as financial services, healthcare, and defense with data security, privacy management, and regulatory compliance across multiple jurisdictions.
Founded in 2016, the company has offices in Geneva and Paris, in addition to its presence in Singapore and NYC. The statement noted that Dathena has served over 200,000 users in addition to several enterprise clients worldwide.
The AI-powered cybersecurity market is growing rapidly. From $8.8 billion in 2019, the market is expected to reach $38.2 billion by 2026, with the Asia Pacific segment projected to have the highest compound annual growth rate. Network, data, and endpoint security are the currently three of the most leading applications of this technology.
The demand for advanced tech solutions in the market stems from businesses shifting to cloud servers (more so during the COVID-19 period), a spike in cyber threats due to remote working, and varying data and privacy regulations in different countries.
Header image by Jon Moore on Unsplash.