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Submitted URL: https://betakit.com/qohash-secures-17-4-million-in-series-b-funding-for-data-security-platform/)
Effective URL: https://betakit.com/qohash-secures-17-4-million-in-series-b-funding-for-data-security-platform/
Submission: On April 29 via api from BE — Scanned from DE
Effective URL: https://betakit.com/qohash-secures-17-4-million-in-series-b-funding-for-data-security-platform/
Submission: On April 29 via api from BE — Scanned from DE
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<div><span style="color: rgb(0, 0, 0); font-family: Georgia, Times, 'Times New Roman', serif; font-weight: bold; font-size: 16px; font-style: normal;">Sign up to The SaaS Weekly for weekly updates on the latest Canadian SaaS and tech
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By Isabelle Kirkwood April 26, 2024
QOHASH SECURES $17.4 MILLION IN SERIES B FUNDING FOR DATA SECURITY PLATFORM
Platform finds, inventories, and continuously monitors organizations' sensitive
data.
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Québec City-based artificial intelligence (AI) and cybersecurity startup Qohash
has closed $17.4 million in Series B financing as it looks to scale its
data-security platform.
The round was led by Fonds de solidarité FTQ, with participation from Export
Development Canada and existing investor Desjardins Capital. It comes
approximately three years after Qohash closed $8 million in Series A financing
in 2021. To date, the startup has raised over $25 million.
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tech news.
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Qohash offers a data-security platform aimed at helping businesses to
proactively identify risks with their sensitive data. The startup says it uses
AI to automate responses and provide actionable recommendations to discover,
classify, track, and secure high-risk internal files.
Qohash started in 2018 by automating data discovery and risk management
following several high-profile data breaches. It claims its platform, called
Qostodian, can be implemented in as little as five minutes, and thanks to its
automation capabilities, can save businesses hours of investigation time.
Qostodian platform automatically finds, inventories, and continuously monitors
individual data elements across workstations, attached and shared drives, and
Microsoft 365 cloud apps.
RELATED: US-based Fortinet to open new cybersecurity tech hub in Calgary
In a statement announcing its Series B round, Qohash claims it has seen
“significant traction” since securing its Series A financing, particularly
within obtaining customers in financial services, the public sector, and tech.
According to its website, Qohash’s customers include financial-services firms
and large enterprises such as Desjardins, the Canadian Automotive Association,
the US National Parks Conservation Association, and Security Bank of Kansas
City.
“Our clients value our targeted approach that yields tangible risk reduction,
avoiding superficial coverage and vanity metrics,” Jean Le Bouthillier,
co-founder and CEO of Qohash, said in a statement. “The latest funding
accelerates our investment in targeted AI capabilities, enhancing our platform
to provide more precise and actionable insights for our customers.”
With the additional capital from this funding round, Qohash plans to ramp up the
development of its platform but also its growth in sectors, where it says “the
protection of sensitive data is non-negotiable.”
Feature image courtesy Unsplash. Photo by Kevin Ku.
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FundingQuebecQuebec CitySaaS
ISABELLE KIRKWOOD
Isabelle is a Vancouver-based writer with 5+ years of experience in
communications and journalism and a lifelong passion for telling stories. For
over two years, she has reported on all sides of the Canadian startup ecosystem,
from landmark venture deals to public policy, telling the stories of the
founders putting Canadian tech on the map.
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