San Francisco-based Bearer announced it has raised a $4 million second tranche round to close its seed funding round at $8 million.
The latest funding round was led by Alven, an independent early-stage VC firm. Kima Ventures, Partech and Point Nine are also included on the call sheet.
The data security Saas company, which has an office in Paris, was founded in 2018 and since, has been providing ‘open source code analysis engines that combine with proprietary heuristics to detect sensitive data flow and data security risks.’ Its customers include companies from healthcare, eCommerce and financial services.
“Our goal is to make data security pragmatic for developers and a natural, frictionless step in their usual software workflow while assuring companies and their security teams that their code is more secure than ever before. Our solution takes code quality to the next level. We pinpoint exact data security risks as opposed to tracing random potential security flaws,” said Guillaume Montard, co-founder and CEO of Bearer.
The global data security market was valued at $3.39 billion in 2020 and is projected to reach $17.12 Billion by 2028.
"Managing data security is becoming a top priority for businesses with customers and governments demanding better data protection, and the global rise of complex reporting rules that vary by business type, country and geography. Repeat entrepreneur Guillaume has been able to attract very experienced technical talent and build innovative IP to tackle this massive market,” ,” said Thomas Cuvelier, partner at Alven.
“When implementing security and privacy controls in our products, we must continuously ensure that they are effective,” said Romain Mekarni, security engineer at medical services company, Doctolib. “We partner with Bearer to build the best developer-friendly platform to improve the day-to-day work of building new features secured by design, right from the source code. We share their user-first mindset and greatly appreciate the collaboration.”
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