Cloud compliance and governance startup Immuta announced this week it closed on a $90 million Series D, bringing the six-year-old company’s total funding raised to $169 million. New investors including Greenspring Associates and March Capital, as well as existing investors like Intel Capital and Okta Ventures, participated in the round.
Immuta CEO Matthew Carroll says the industry has entered into a “new era” in data and analytics, fueled by “ubiquitous” cloud storage, a flurry of new cloud data management tools and a general rise of data ops. In this new environment, he added, the challenge to provide even more secure and scaled access to data while maintaining the same level of accountability and protection is even greater.
“Traditional methods of data access control don’t work, don’t scale across cloud compute platforms, and can limit data utility,” Carroll said in a statement. “Immuta’s platform solves this problem elegantly without requiring data to be moved, copied, or manually provisioned.”
Indeed, there seems to be no shortage of companies taking a bite out of the data compliance and management space — especially in Boston — with local startups like Privitar and HYCU garnering the attention of major investors like Accel and Bain Capital Ventures. Plus, NYC-based BigID reached a $1 billion valuation after a $70 million raise. But Hunter Somerville, a general partner at Greenspring Associates, says Immuta’s product is “really at the top of the heap.”
“From intelligent data discovery, to data access and control, to integration with all the top cloud analytics services, Immuta’s platform is best-in-class,” Somerville said in a statement. “We also liked that Immuta prioritized the data architecture and engineering team, from an end-sales standpoint, which we didn’t see from other solutions in the space.”
In a nutshell, Immuta’s software helps data engineers and data scientists automatically apply policies across any data or cloud platform. Over the years, the company has built strategic partnerships with several cloud data technology providers (the latest of which are Amazon Redshift and Azure Synapse) to provide a single space for data teams to automate their data across their entire cloud infrastructure.
This model appears to be in hot demand. Immuta says it grew worldwide bookings by more than 115 percent over the last year and doubled its headcount. To continue this growth, the company will need to accelerate hiring even more. Carroll told the Boston Business Journal that Immuta wants to “aggressively” grow its team here in Boston, and that it will be leaving its downtown office in favor of a larger one in Seaport around Labor Day to accommodate.
The fresh funding will also be used to accelerate Immuta’s product research and development, expand its sales and marketing capacity in the U.S., Europe and Asian markets, and deepen its strategic partnerships.
