Skyflow today announced a $17.5 million Series A to drive growth of its data privacy vault. The round, led by Canvas Ventures, brings the total amount raised to $25 million over the last year and includes Foundation Capital, which led the seed round.
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Skyflow data privacy vault interface (Photo: Business Wire)
With this funding, Skyflow plans to:
- Invest aggressively to build out its sales and marketing organization.
- Expand its product portfolio with vertical-specific vaults for finance, health and B2C companies.
- Hire engineering and operations teams to serve the needs of a growing list of customers.
Skyflow radically simplifies how companies manage, access and govern sensitive customer data. The zero-trust data vault with an elegant API allows developers to quickly build applications and workflows without worrying about data security, privacy or compliance.
Be More Like Apple
“Our customers asked us—why can’t I be more like Apple? These companies are tired of buying tool after tool just for compliance,” said Anshu Sharma, CEO and co-founder at Skyflow. “Customers are telling us they want a simpler, unified way to securely handle sensitive data. They need to serve their users by running workflows and analytics while meeting increasingly stringent privacy expectations and regulations such as CCPA and GDPR. Skyflow’s data privacy vault does just that via a simple API.“
Move to Digital and Cloud Multiplies Privacy Challenges
Companies that handle personally identifiable information, payments and healthcare data (PII, PCI or PHI) face ever more sophisticated attacks, as well as increasing data compliance challenges like GDPR and CCPA. Although an abundance of cybersecurity products exists, data breaches and compliance problems are still common because these products act like patches on existing systems.
Organizations spend tens of billions of dollars on compliance without fundamentally solving for the privacy and security of the data entrusted with the healthcare, finance, and other apps people use.
Skyflow’s Radical New Approach: Goes Beyond Compliance
Skyflow takes a different approach. Inspired by the data vaults built internally by companies like Apple, Google and Netflix that spend tens of millions of dollars on privacy, Skyflow has built a zero-trust data vault that any company can use. At its core, the Skyflow data privacy vault is powered by a radical new approach called polymorphic encryption, which utilizes the latest industry-standard encryption and tokenization algorithms.
“Protecting sensitive data has been a pivotal challenge in the enterprise for decades,” said Paul Hsiao, general partner at Canvas Ventures. “The phenomenal growth Skyflow has seen in a few short months speaks to the strengths of the Skyflow team and their data platform for solving very complex privacy challenges.”
Read the blog by Anshu Sharma: https://www.skyflow.com/blog/build-fast-and-don’t-break-privacy.
For more information about Skyflow, visit: http://www.skyflow.com.
Founded in 2019, Skyflow is a data privacy vault for customer data. The company was founded by former Salesforce executives Anshu Sharma (CEO) and Prakash Khot (CTO) who wanted to radically transform how businesses handle users’ financial, healthcare and other personal data that powers the digital economy. Skyflow is based in Palo Alto, California, with offices in Bangalore, India. For more information, visit http://www.skyflow.com or follow on Twitter and LinkedIn.