Data privacy startup Dathena raises US$12m in Series A round led by Jungle Ventures

DATHENA, a Singapore-based deeptech startup providing AI-powered data privacy and security solutions, has raised US$12 million in a Series A round led by Jungle Ventures to fuel its global expansion.

Other participants in the round include new investors Caphorn and SEEDS Capital, an investment arm of Enterprise Singapore, as well as existing investors Cerracap Ventures and MS&AD Ventures.

Dathena will use its new funding to build up research and development (R&D) efforts, while expanding its sales, marketing, and customer success function teams in New York. The company had recently set up its US headquarters there. This is to serve the firm's growing North American client base, it said in a statement.

Founded in 2016, the startup uses its end-to-end AI-powered solutions to help identify, classify, and protect sensitive information and ensure regulatory compliance.

Christopher Muffat, founder and chief executive officer of Dathena, said: "This Series A funding round will help us accelerate our product development and go-to-market efforts, giving more companies the chance to benefit from our flexible, cost-efficient, and uncompromising data-security solutions." The company, which has offices in Singapore, New York, Geneva and Paris, also plans to expand its co-sell partnership with Microsoft into the US, it said. With this, customers using Azure Cloud and Microsoft 365 can automate data protection and comply with new data privacy regulations such as the California Consumer Privacy Act.

Dathena said it has amassed more than 200,000 users and a multitude of enterprise clients across fields such as financial services, healthcare, and defence. 

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"Dathena can deliver up to 99 per cent accuracy in data classification coupled with an 80 per cent reduction in information security operational costs - the kind of robust returns on investments that cost-conscious companies demand during turbulent times," it said.

As enterprises move services to the cloud, grapple with an explosion of consumer data, and navigate privacy regulations, new security approaches are required to mitigate the risk and protect against ever-growing corporate and reputational damages, said Dathena.

"The challenge is further amplified with the growing economic uncertainty and heightened data security risks relating to increased remote working.

"Our patented AI tools can unlock crucial new efficiencies, facilitate regulatory compliance, and reduce the risk of costly data breaches," it added.

"We have been following the development of Dathena for over two years, during which we have witnessed their ability to recruit top talent, serve an ever-growing base of demanding clients, clarify their unique selling proposition and strengthen their product," said François Santi, principal at CapHorn Ventures.

"Dathena's global growth positions the tech leader to capitalise on the rapid evolution of the US$120 billion data-protection market," said Amit Anand, founding partner at Jungle Ventures.