We are undergoing a steady expansion of national legislation that requires data to get processed. Today, a startup that has developed a market around the need — data residency-as-a-service — is announcing some investment to continue to balance up the business amid high demand.
InCountry has raised $18 million in the findings and includes a variety of clarifications — including apps as well as some consultancy — which help businesses to follow local legislation when implementing SaaS goods.
This is an expansion of its Series A but it comes with a major boost to its valuation in line with the development of its business: the company is now priced at $150 million “north.” Creator and CEO Peter Yared said this is more than twice the previous round’s value over a year ago.
The capital comes from a combination of financial investors and financial investors. It led by the Mubadala of Caffeinated Money and Abu Dhabi, with the inclusion of current investor Accenture Ventures and previous investors Arbor Ventures, Felicis, Ridge Projects, Bloomberg Beta, and Team Builder Projects.
Accenture is one of the main distribution partners at InCountry, reselling the program as part of bigger contracts for data storage and development, Yared tells me.
In the last year, the organization has seen a good increase in its market, growing to 90 countries from 65 countries, where it offers advice and services to store and use data in line with legal requirements. As well as providing a long range of app services it includes for its goods. Currently, the board includes Salesforce, ServiceNow, Twilio, Mambu and Category, and clients covering a wide number of firms from stock exchanges, banks, and pharmaceutical firms.
Recently, a major bump in its market has been in the Asia Pacific and the Middle East, which are two key regions when it comes to data citizenship regulations and thus fertile ground to attract new customers — one reason why Mubadala is part of the round, Yared said.
Partly owing to the rising ubiquity, accessibility, and low cost of cloud computing, software as a service has been on a track of exponential development for years now. But even inside that cycle, as a result of the global health pandemic, it’s had a big boost in 2020.
COVID-19 has given you the opportunity for remote computing and the freedom to view data anywhere you happen to be — which is no longer in your normal office room in many situations today. Besides that, we have a lot of “wiggle room” in industry, with companies growing up and down with demand.
For SaaS, the knock-on effect was a major lift. But the development has come with some caveats, and one of the biggest besides security has been about data privacy and especially national standards on how data is being processed and used.