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Salesforce Ecosystem Heats Up: Odaseva’s $54M Round Follows Recent Testsigma Investment

Odaseva, a leading enterprise data security platform for Salesforce, has announced a $54 million Series C funding round, bringing its total funding to over $90 million. The round, led by Silver Lake Waterman, will fuel Odaseva’s expansion into new markets and accelerate product development, particularly in data security and Zero Trust offerings. “This round of funding will help to accelerate our growth into new markets and keep us at the forefront of innovation in the space,” said Sovan Bin, CEO and Founder of Odaseva.

Who is Odaseva?

Odaseva provides comprehensive data management and security solutions for large enterprises using Salesforce. The company’s platform addresses critical needs for organizations dealing with complex data environments and stringent regulatory requirements.

Odaseva’s core products include:

  • Data Protection: Ensures resilient backup and recovery for Salesforce data
  • Data Security: Offers end-to-end encryption and a Zero Trust approach to data confidentiality
  • Data Archiving: Optimizes system efficiency while maintaining data availability
  • Data Compliance: Provides real-time auditing and policy enforcement across the data lifecycle

Investor Analysis

Shawn O’Neill, Managing Director and Group Head of Silver Lake Waterman expressed confidence in Odaseva’s market position: “The Odaseva team has built a leading data resiliency platform for the Salesforce ecosystem that provides security and continuity solutions for mission critical applications. Sovan and the Odaseva leadership team have a solid track record of building value and trust with global enterprise customers, and we are excited to partner with the team and help drive further growth.”

This sentiment underscores the growing importance of data security and management in the Salesforce ecosystem, particularly for large enterprises dealing with sensitive information and complex regulatory environments.

The participation of both new and existing investors in this round, including F-Prime, Eight Roads, Serena Capital, Eurazeo, and Crescent Cove, further validates Odaseva’s business model and growth potential. It suggests a broader recognition of the value offered by companies that can effectively address the unique challenges of managing and securing data within the Salesforce platform.

Moreover, this investment comes at a time when enterprises are increasingly focused on digital transformation and data-driven strategies. The strong investor interest in Odaseva indicates a belief that as organizations continue to rely more heavily on cloud platforms like Salesforce, the demand for sophisticated data management and security solutions will only grow.

Investors Going for Salesforce Ecosystem?

Odaseva’s funding news comes on the heels of another significant investment in the Salesforce ecosystem. Last week, Testsigma, an AI-powered test automation platform, announced an $8.2 million funding round to enhance its Salesforce-specific offerings. While two funding events don’t necessarily constitute a trend, they do suggest growing investor interest in companies supporting the Salesforce platform.

The Salesforce ecosystem represents a substantial market opportunity. According to research, Salesforce itself generates $36 billion in revenue, while the broader ecosystem accounts for at least $50 billion in economic activity. Despite Salesforce’s growth rate slowing to under 10% annually, investors appear to see potential in companies that enhance and extend the platform’s capabilities.

Software Still Eating The World

Enterprises are in in a race to fully digitize their businesses so they can reap the promise of an AI-enabled future. But even with the advent of AI-enabled application development, there is still a pressing need for speedy enterprise app development and deployment. Increasingly, enterprises are looking for specialized vendors like Testsigma and Odaseva to help increase their app deployment speed and safety.

As the Salesforce ecosystem continues to evolve, companies like Odaseva and Testsigma are positioning themselves to address the complex needs of enterprise customers. While it’s too early to declare a definitive trend, these recent investments suggest that the Salesforce ecosystem remains an attractive market for innovative solutions and continued growth. The coming months may reveal whether this pattern of investment continues, potentially marking a significant trend in enterprise software funding.

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