Data Residency Company InCountry Raises $18 Million
Data residency-as-a-service platform provider InCountry last week announced it raised $18 million in new funding, which brings the total capital secured by the company to $39 million.
Founded in 2019, the San Francisco-based InCountry helps organizations run software-as-a-service (SaaS) applications in any country and ensure compliance with both internal and external policies. Mambu, Salesforce, ServiceNow, Segment, and Twilio are only some of InCountry’s SaaS partners.
The company aims to tackle the issue of companies being blocked in specific regions due to their inability to comply with local data regulations, including those relying on the now abandoned EU-US Privacy Shield.
InCountry’s software integration platform ensures that organizations keep sensitive and regulated data within the country’s borders, thus helping them avoid sanctions, removal, or potential lawsuits.
The company claims that its platform can help businesses adopt SaaS solutions and still comply with local regulations. It already serves companies in the financial services, healthcare, and other highly regulated industries.
Within the last year, InCountry opened regional offices in Abu Dhabi, Minsk, Singapore, and Sydney, and is currently running data hosting and processing facilities in more than 90 countries.
The company plans on using the new funding to fuel its global expansion.
The funding round was led by Caffeinated Capital and Mubadala Capital, the financial investment arm of Mubadala Investment Company, but also saw participation from Accenture Ventures and from existing investors Arbor Ventures, Bloomberg Beta, Felicis, Ridge Ventures, and Team Builder Ventures.
“The pandemic has accelerated the move to cloud globally. It’s more important than ever for businesses to offer online access to their services using best of breed SaaS solutions, without being blocked from using SaaS due to country-specific data restrictions. We’re seeing an immediate need in various regions throughout the globe, and will use our new funds to accelerate services that support these rapidly growing markets,” Peter Yared, CEO and founder of InCountry, said.