November 15, 2023 at 05:46PM
ALTR Solutions, Inc. has closed its $25 million Series C Preferred financing to meet the growing demand for its SaaS-based data access governance and security solutions. The funding will be used to strengthen ALTR’s position in the cloud data access governance and security market, expand its footprint across data sources, and develop partner integrations. ALTR’s unique solution helps companies protect data throughout its entire journey and has seen significant growth and milestones since its Series B funding in 2020. The company aims to help organizations govern and secure sensitive data in the cloud effectively and responsibly.
ALTR Solutions, Inc. recently announced the closing of its $25 million Series C Preferred financing. Led by John Stafford III, this funding will be used to meet the increasing demand for ALTR’s SaaS-based data access governance and security solutions. The Series C financing will help ALTR strengthen its market position in the cloud data access governance and security space, expand its footprint across different data sources, grow partner integrations, and develop channel relations.
ALTR’s unique solution addresses the need for data owners to protect data throughout its entire journey, from source systems to the cloud. This includes securing data before it reaches a cloud data warehouse or analytical store. ALTR enables data governance and security from inside the cloud, upstream into data pipelines and catalogs. By orchestrating protection across the entire data journey, ALTR’s “Shift Left” approach sets it apart.
The company has achieved significant milestones since its previous funding round. Some of these milestones include a substantial increase in Snowflake Partner Connect activations, a growth in Snowflake-based ARR, database connections, active policies, and conversion from ALTR Free Forever to ALTR Enterprise. ALTR also introduced the industry-first solution module, Snowflake Native Format-Preserving Encryption Using Snowpark. The company has announced an Open-Source Data Governance Integration Initiative for the Snowflake Data Cloud, with integrations with Matillion and Alation.
In terms of leadership, ALTR appointed James Beecham as Chief Executive Officer. The company has secured a multi-year contract with a leading Fortune 10 company and experienced significant customer growth across industries such as financial services, healthcare, oil & gas, retail/CPG, advertising and technology, and logistics.
ALTR’s pure SaaS solution provides architectural advantages that cater to enterprise customers seeking to govern and secure sensitive data in the cloud with minimal friction. It enables database administrators, data engineers, and data architects to reduce manual tasks or delegate them, resulting in greater value from data. ALTR’s data governance platform offers visibility into data usage, automates data access control, and secures data with patented rate-limiting and tokenization-as-a-service.
This latest funding round demonstrates ALTR’s customer-centric approach and validates its growth and sustainability strategy in the enterprise market. The company aims to deliver on its mission of helping organizations use data effectively and responsibly while remaining compliant with regulations. To learn more about ALTR, you can visit their website at www.altr.com or connect with them on LinkedIn or Twitter.