Imagine what could happen if a business’ most sensitive information was lost, or worse, carried to a competitor. Unfortunately, this is a reality as more than 53 percent of businesses who don’t have well-established processes and systems for monitoring access to applications and data sources that people used on the job, according to a report from Osterman Research. One Valley Growth Venture portfolio company, DAtAnchor, has a solution to this problem.
DAtAnchor is a data control and security solution, which provides seamless and easy-to-use strong encryption, automated data governance, and dynamic access control and revocation capabilities, enabling businesses to protect their sensitive data. DAtAnchor is a universal solution, protecting all data types, along with any application used to secure it. It is very easy to set up and seamlessly integrates with any existing cloud-based security solution or distributed storage system. Additionally, DAtAnchor’s data control SDK can be easily built into custom applications and cloud-based platforms.
In other words –DAtAnchor prevents former staff, partners and even hackers from accessing secured information outside of the scope of a business, which according to the company’s Head of Product Eric Flecher, is a serious problem.“On average, 60 percent of employees bring data from their former employer to their next place of employment,” Flecher said.
After spending years as a software consultant, Flecher realized he had a knack for problem solving and noticing blind spots within businesses, which led to him joining a young organization[EK1] .
“I’ve always loved the idea of startups. Startups allow you to solve real problems in the world quickly.”
The effect of unsecured data & information
The long-term cost of unsecured business information has a significant impact. This could lead to trade secrets falling into the hands of competitors, to exposure of personal data that is illegal to disclose, to putting compliance with regulations governing data privacy at risk.
“While traditional data protection has included companies attempting to create walls to protect their confidential data, DAtAnchor, actually controls data so that it’s not usable outside of a particular business defined boundary,” Flecher said.
Valley Growth Ventures chatted with Flecher to discuss the new startup’s journey to joining the VGV team and their future plans.
VGV: What is the current status of your business?
Flecher: “As a business in our seed round, we are working to identify which market is best suited for our product. Customer feedback is critically important for us at this stage. We are currently conducting experiments in the form of MVPs to learn which use cases and feature configurations work for our customers and DAtAnchor as a viable product.”
VGV: What is your professional background?
Flecher:“I spent 15 years in software and have always been a consultant. I started to learn that I really enjoyed building software for companies. I found that I enjoyed problem solving, engineering and developing user experiences.”
VGV: What are some successes DAtAnchor has experienced?
Flecher:“We have quickly enrolled 20 companies in our POC programs. These companies have helped us gain valuable market feedback. Within these POC programs, we have gained many DAtAnchor advocates. These individuals have helped us identify new use-cases and promote internally.”
VGV: Can you offer words of wisdom for other aspiring, or beginner entrepreneurs?
Flecher: “You have to be willing and open for unexpected change, and have the insight to check your ego at the door constantly. It is ok be wrong, at times, and consistently ask yourself if you’re making the right decision. Oh, and don’t take yourself too seriously, either.”
Are you a company who may need DAtAnchor’s services? Head over to their website and learn more about you can protect your business.