Keepit A/S, a Denmark-based cloud-native data protection and backup company, has recently concluded its most significant funding round to date, securing $50 million. This substantial financial backing brings the company’s total venture capital raised to approximately $90 million, spanning three rounds of investment. Notably, Keepit also raised $225 million through a debt financing round from Silicon Valley Bank in March 2023. This combined influx of capital has empowered the startup to establish a dedicated, vendor-independent cloud infrastructure platform tailored for software-as-a-service (SaaS) data protection. This platform enables enterprises to back up and safeguard critical data, ensuring it is recoverable when needed.
Strategic Investment and Financing
The recent $50 million funding round was spearheaded by One Peak and the Export and Investment Fund of Denmark. This round follows a $30 million Series A in September 2020 and a $10 million Series B, culminating in the Series C. The overarching goal of this funding is to enhance Keepit’s product offerings and scale its global operations, highlighting the increasing importance of secure, independent SaaS data protection in today’s digital landscape.
In addition to venture capital, Keepit secured $225 million through debt financing from Silicon Valley Bank in March 2023. This strategic financial move has provided the company with the necessary capital to expand its infrastructure and capabilities. The combined financial resources underscore the confidence investors have in Keepit’s potential to lead the SaaS data protection market. Keepit’s ability to secure both venture capital and debt financing demonstrates the industry’s growing recognition of the crucial role of data protection in the SaaS ecosystem. This financial backing is pivotal for Keepit, allowing the company not only to enhance its product offerings but also to extend its reach to a global market.
The funds are intended to drive further innovation and expansion, particularly in a market where data security is becoming increasingly significant. Keepit’s strategy of leveraging substantial financial resources to scale its operations globally positions the company to meet the rising demand for dependable SaaS data protection. Investors’ confidence, as reflected in these rounds of funding, emphasizes Keepit’s potential to set benchmarks in the industry.
Advanced Data Protection and Backup Services
Keepit’s platform is lauded for its ease of setup, claiming that customers can be operational within five minutes. This rapid setup capability is particularly appealing to enterprises that need to swiftly deploy data protection solutions. The platform boasts numerous features, including instant, one-click data restoration, job monitoring, support for application programming interfaces (APIs), customized retention, access control, audit logging, and data monitoring. These features ensure that enterprises can efficiently manage and protect their critical data against potential loss or breaches.
Compatibility extends to leading enterprise SaaS applications like Google Workspace, Zendesk, Salesforce, Microsoft 365, Entra ID, Azure DevOps, Dynamics 365, and the Power Platform. This broad compatibility ensures that Keepit can cater to a wide range of business needs, making it a versatile solution in the data protection market. By supporting various major applications, Keepit provides a comprehensive solution for enterprises looking to secure their data across multiple platforms, enhancing its appeal and utility in diverse organizational environments.
Additionally, Keepit’s platform encompasses features like audit logging and data monitoring, which are essential for maintaining compliance with various regulations and standards. The ability to customize retention policies and control access adds another layer of security, allowing businesses to tailor the platform to their specific needs. Job monitoring capabilities ensure that data backups are running as scheduled, providing peace of mind that data is consistently protected. The integration of API support further extends the platform’s flexibility, enabling businesses to seamlessly incorporate Keepit into their existing systems and workflows.
Competitive Differentiation in a Crowded Market
Steve McDowell from NAND Research Inc. emphasized the competitiveness in the data backup market, highlighting Keepit’s unique advantages. One of the key differentiators is Keepit’s ownership of cloud data centers across Europe, Australia, and North America, hosting backups for over 5 million users globally. This ownership allows Keepit to manage costs effectively and offer competitive, usage-based pricing structures. By owning its data centers, Keepit can better control the variables that influence pricing, providing customers with predictable costs and reducing the risk of unexpected expenses.
Another notable feature is the use of blockchain infrastructure to detect changes and ensure data immutability. While its superiority over traditional methods remains debatable, this innovative approach underscores Keepit’s commitment to leveraging cutting-edge technology to enhance data security. Blockchain’s inherent capabilities in ensuring data integrity and transparency present a strategic advantage, particularly for companies that prioritize the highest levels of security and reliability for their data backups.
Keepit’s strategy of owning and operating its data centers also gives it an edge in terms of scalability and performance. With direct control over the infrastructure, Keepit can optimize its systems for efficiency and reliability, delivering high-quality service to its customers. This focus on infrastructure and innovation positions Keepit favorably in a market where differentiation often hinges on the ability to offer both advanced technological features and robust operational capabilities.
Moreover, Keepit’s competitive pricing model, enabled by effective cost management, is particularly significant in a market where cost considerations can be a primary factor in decision-making. By offering a usage-based pricing structure, Keepit can appeal to a broader customer base, from small businesses to large enterprises, each with varying needs and budgets. This flexibility in pricing, combined with the technical advantages of its platform, sets Keepit apart from other providers in the data protection space.
Future Plans and Product Enhancement
The newfound funds will be channeled towards broadening SaaS workload coverage and developing advanced data management tools and intelligence capabilities. Keepit is likely to leverage generative AI to aid in backup management or data analytics, further enhancing its platform’s capabilities. This focus on innovation will help Keepit stay ahead in the competitive market, ensuring that its solutions continue to meet the evolving needs of enterprises for reliable and secure data protection.
Additionally, Keepit plans to expand its data centers and go-to-market strategies, enhancing its global reach and customer support. This expansion will enable the company to cater to a broader audience and provide more robust support to its existing customer base. By increasing its infrastructure and presence in key markets, Keepit aims to strengthen its position as a leading provider of SaaS data protection solutions.
Investing in AI-driven functionalities will also allow Keepit to enhance its platform’s efficiency and effectiveness. AI can play a critical role in automating tasks such as identifying potential vulnerabilities, optimizing backup processes, and providing insights through data analysis. These advancements will not only enhance the user experience but also enable businesses to manage their data more proactively and strategically.
Furthermore, Keepit’s plans to enhance its customer support services are crucial in today’s market, where customer satisfaction can significantly impact a company’s success. By offering high-quality, responsive support, Keepit ensures that its customers can rely on the platform for uninterrupted data protection. This commitment to customer service, combined with technological innovation, positions Keepit to expand its market share and continue driving growth in the competitive SaaS data protection industry.
Market Position and Potential for Acquisition
Keepit A/S, a cloud-native data protection and backup company headquartered in Denmark, has recently completed its largest funding round yet, securing $50 million. This significant financial boost brings the company’s total venture capital raised to around $90 million over three investment rounds. Earlier in March 2023, Keepit also bolstered its financial position by raising $225 million through a debt financing round from Silicon Valley Bank. These combined financial resources have enabled the startup to develop a specialized, vendor-independent cloud infrastructure platform aimed at software-as-a-service (SaaS) data protection. This innovative platform allows enterprises to securely back up and ensure the recoverability of their critical data, addressing growing needs for data security and resilience in the cloud. Through these strategic investments and funding rounds, Keepit is well-positioned to enhance its capabilities and offer robust solutions for reliable data protection, catering to the evolving demands of businesses relying on cloud services.
