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Bearer, the Data Security Software Company, Closes $8 Million Seed Funding Round
Oct. 25, 2022
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Automates data security and privacy protection for developers to address market forecast to reach $17 billion in annual spend by 2028
SAN FRANCISCO, October 25, 2022 -- Bearer, the data security software company, today announced the closing of a second tranche of seed funding, bringing the total equity financing raised to date to $8 million. Alven led the $4 million second tranche round with participation from Kima Ventures, Partech and Point Nine.
“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,” said Guillaume Montard, co-founder and CEO of Bearer. “Our solution takes code quality to the next level. We pinpoint exact data security risks as opposed to tracing random potential security flaws.”
The Bearer data security SaaS solution features three major innovations:
1. Identification of data security risks – Including business logic flaws: Bearer pinpoints data security technical and business logic flaws in code before it’s too late and costly to correct. It then provides actionable context and ownership information to fix issues quickly – in minutes. Before Bearer, pinpointing business logic flaws could only be achieved manually but usually went ignored.
2. Frictionless deployment: Bearer is a data security SaaS solution that fits into the development cycles of Global 2000 enterprises without requiring any changes to how software engineering teams work. Additionally, Bearer does not require access to the underlying source code.
3. Extreme automation: Designed by developers for developers in a world of constant code iterations, Bearer automates the burden of data security compliance for software engineers so they don’t have to become experts on data security regulations across different global markets. Security and compliance teams love how Bearer prioritizes the most critical issues in remediation workflow to allow for speedy resolution between security and development.
$17 Billion Data Security Market by 2028
Industry analyst firm Verified Market Research forecasts that the global data-centric security market size was valued at $3.39 Billion in 2020 and is projected to reach $17.12 Billion by 2028, growing at a CAGR of 22.45% from 2021 to 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,” said Thomas Cuvelier, partner at Alven, an independent early-stage venture capital firm that has backed more than160 startups over 22 years with more than $2 billion in funds currently under management. “Repeat entrepreneur Guillaume has been able to attract very experienced technical talent and build innovative IP to tackle this massive market."
Bearer’s solution is built around the most popular and powerful open source code analysis engines that combine with proprietary heuristics to detect sensitive data flow and data security risks. Bearer is a horizontal data security solution that has gained early traction in markets where privacy and data security are critical to its customers who must meet the strictest government regulations and compliance requirements, such as healthcare, eCommerce and financial services.
“When implementing security and privacy controls in our products, we must continuously ensure that they are effective,” said Romain Mekarni, security engineer at Doctolib, a medical services company with more than 320,000 healthcare personnel and 70 million patients in Europe. “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.”
Bearer, the data security software company, pioneered the first solution for developers to automatically detect sensitive data flow and data security risks while coding. Its policy engine proactively monitors data security policies before releasing code and its unique remediation workflow prioritizes the most critical issues – including business logic flaws – for quick resolution between security and engineering teams. Venture-backed with more than $8 million in seed financing, Bearer is used in markets where privacy protection and data security are business-critical, including eCommerce, financial services, and healthcare. Follow us on Twitter @trybearer