San Francisco-based Bearer, a data security software company, has closed a second tranche of seed funding. With this round, the total investment raised by the company accounts for $8 million.
Investment led by Alven
The second tranche round of $4 million was led by Alven alongside with participation from Kima Ventures (that backed LabLabee and Figures), Partech and Point Nine.
This funding will primarily help Bearer fuel its go-to-market strategy while expanding its core technology to help customers’ automate their data security efforts further.
“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.”
“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.”
First-of-its-kind security solution
Guillaume Montard and Cédric Fabianski founded Bearer in 2018 in San Francisco. It has 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 prioritises the most critical issues, including business logic flaws for quick resolution between security and engineering teams.
Its 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. The horizontal data security solution 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.
The Bearer data security SaaS solution features three major innovations, including the identification of data security risks, frictionless deployment, and extreme automation.
“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.”