(As featured in Silicon Valley Business Journal- February 18, 2016)
Written by: Gina Hall
Data security startup Vera raised $17 million in Series B funding to provide enterprises with data protection and encryption solutions.
Sutter Hill led the round with participation from Battery Ventures, Clear Venture Partners and Amplify Partners. Stefan Dyckerhoff, managing director at Sutter Hill, will join the Vera board of directors as part of the investment. The company has raised over $31 million to date.
Palo Alto-based Vera, led by CEO Ajay Arora, has raised $17 million in new funding.
CEO Ajay Aroraco-founded the Palo Alto-based Vera to help clients secure and track any type of digital information across all users, devices, applications and platforms in real-time.
Since the company’s 2015 launch, it has added more than a quarter million users at Fortune 500 companies in the financial services, media and entertainment, manufacturing and technology sectors. Over the past nine months, Vera has already partnered companies such as Dropbox, Okta and Centrify and announced strategic integrations with Box, VMware and Microsoft.
“We’re entering the next major epoch of cybersecurity, and we’ve seen customers, partners, and forward-thinking investors clearly recognize that fact, Arora said in a press release. We’re excited to continue our trajectory of hyper-growth into 2016 and beyond.”
Arora told TechCrunch that the company avoided taking a big valuation too early.
“Our entire 2015 was all about acquiring customers across different verticals and [company] sizes to show the importance and urgency of our solution, he said. We were offered higher valuations [last
round] than we were comfortable taking. We realized that it was not smartest thing to do in the long run.”
Vera is moving toward becoming an Information Rights Management-as-a-Service, allowing customers to control to data as it moves inside and outside the firewall. The company will use the new funds to fuel growth internationally, expand its sales and marketing capabilities and accelerate research and development of its platform.
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