ALTR Closes $25M Series C Financing

PRESS RELEASE

MELBOURNE, Fla., Nov. 15, 2023 /PRNewswire/ — ALTR Solutions, Inc., the leading innovator of automated data governance and data security solutions, today announced that it has closed on its $25 Million Series C Preferred financing to meet the overwhelming demand for its SaaS-based data access governance and security solutions. Led by John Stafford III, and including new investors from the financial, medical, and data space, the Series C will be used to bolster ALTR’s market position in the cloud data access governance and security space, fast-track its go-to-market strategy by expanding its footprint across various data sources, grow partner integrations, and develop channel relations.

“Data owners need to protect data during the entire journey from source systems to the cloud. They now realize it isn’t sufficient to rely on securing data only after landing in a cloud data warehouse or analytical store,” said Jonathan Sander, former Field Security CTO at Snowflake and ALTR Board member. “ALTR’s unique solution helps some of the world’s biggest brands expand data governance and security from inside the cloud upstream into data pipelines and catalogs. It’s the power to orchestrate protection across the whole data journey that defines their ‘Shift Left’ approach. ALTR’s highly available, cloud-native service powers this Shift Left orchestration by keeping data secure and compliant throughout its entire journey from source to cloud to user. I am excited to be working alongside James and the entire ALTR team to help the company continue to capitalize on this tremendous market opportunity and I cannot wait to see where this trajectory will take us.” 

Since the close of ALTR’s $15 million Series B in 2020, the company has realized significant milestones, including:

• An annualized increase in Snowflake Partner Connect (SPC) activations of over 325%, accounting for hundreds of new ALTR + Snowflake customers since ALTR was first launched on SPC in September 2021.
• Snowflake-based ARR grew 472%, database connections by 70%, active policies 130%, and conversion from ALTR Free Forever to ALTR Enterprise by 40% YTD in 2023.
• Introduced Snowflake Native Format-Preserving Encryption Using Snowpark, the industry-first solution module running natively on Snowpark.
• Announced an Open-Source Data Governance Integration Initiative built for the Snowflake Data Cloud, including direct integrations with Matillion and Alation to bolster ALTR’s Shift Left interoperability approach across the modern data ecosystem.
• Appointed James Beecham as Chief Executive Officer.
• Secured a multi-year contract with a leading Fortune 10 company and realized a 70-fold increase in its customer base across industries such as financial services, healthcare, oil & gas, retail/CPG, advertising and technology, and logistics.

“Sensitive and regulated data that is left unprotected prior to reaching the cloud data warehouse means that data is at a high risk of exposure,” said Sanjeev Mohan, Principal at SanjMo and former Gartner analyst. “The architectural advantages of ALTR’s pure SaaS solution points to its growth and sustainability strategy around enterprise customers who are looking to govern and secure sensitive data in the cloud with minimal friction. ALTR is the only data access governance and security solution that ensures organizations can protect data ‘to the left’ moving from source system to the cloud to data consumer.”

ALTR enables database administrators, data engineers, and data architects to drastically reduce manual tasks and/or hand them off completely to deliver greater value from their data, quicker. Today, hundreds of companies – and thousands of users – leverage ALTR’s data governance platform to gain unparalleled visibility into data usage, automate data access control, and secure data with patented rate-limiting and tokenization-as-a-service.

“This latest funding is a true testament to ALTR’s customer-centric approach and to our growth and sustainability strategy around enterprise customers who are looking to govern and secure sensitive data in the cloud,” said James Beecham, Founder and CEO of ALTR. “2023 has been a year of exponential growth and development for ALTR that includes the expansion of customers, further development of internal teams, and a broadening of our product offerings. We are thrilled to be recognized by visionaries in the data ecosystem as it underscores the importance of establishing a solid data governance and security approach and will ensure we continue to deliver on our mission of helping organizations use data effectively and responsibly, so they remain compliant with an ever-growing number of regulations.”

About ALTR

ALTR is the leading innovator of automated data access governance and data security solutions for Snowflake. ALTRuniquely blends the needs of data and security teams into a single platform and is the only automated data access control and security solution that allows organizations to easily govern and protect sensitive data in the cloud. Unlike other offerings, ALTR’s unique “shift left” approach ensures the protection of data throughout its journey; from source system to the cloud to data consumer, helping organizations ensure that their data is secure in motion, at rest, and in use. To learn more visit www.altr.com or connect with the company on LinkedIn or Twitter.

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