What a Goldman Sachs $50 million investment says about the database security market
In case you missed it, Goldman Sachs recently closed a $50 million investment with jSonar. The funding will help jSonar continue building a world-class business and make modern database security accessible and affordable so every enterprise can achieve real data security.
What opportunities did Goldman Sachs identify in the database security space? What are the market forces that helped shape the decision? What about jSonar convinced them this solution is a true game changer?
As an initial round of institutional funding, $50 million is a powerful statement. Goldman Sachs does not make this kind of commitment unless they are quite certain there is a massive opportunity and the solution in which they are investing in is best-in-class. But to achieve this level of certainty one must go beyond the balance sheet and the business plan. It requires a thorough understanding of the value customers are getting and a clear affirmation that the company represents the future of a market.
Database security is not a sexy new market; however, while there are mature solutions it has not come even close to reaching its potential in either adoption or effectiveness. And, since databases (and data repositories in general) are where important and sensitive data lives, it is perhaps one of the more critical pillars of information security. Today, there are only a few thousand customers that have embraced these traditional solutions, mostly large enterprises spending large sums of money on database monitoring tools that provide little value beyond a compliance “checkbox”. Historically, managing the challenge of more or different data sources has meant deploying more of the same – more servers, more software agents, more appliances, more staff – to achieve at best, a similar result. Furthermore, the cost and complexity of existing tools have plagued the database security market for many years and priced all but the largest enterprise customers out of the space. jSonar represents a cost-effective solution at a time when cost reduction has never been more important. Ron Bennatan, CTO and Co-Founder of jSonar explains, “Even if you have a system in place that offers coverage of your high-risk databases today, using a solution that reduces costs by a lot, and lets you expand to cover all your data makes a lot of sense.”
jSonar is disrupting this market with a simpler, yet more effective solution that addresses real database security needs. “We went back to the drawing board and essentially re-built database security” explains Ron, “we purpose-built for the cloud and then made sure on-premise was covered better than before. Not just to help Fortune 1000 companies that have the means to apply licensing, hardware, and staffing resources to the problem, but for all enterprises so that everyone can better secure their data. How many enterprises use databases? Hundreds of thousands? Millions even? If you have a database, you can get affordable database security from jSonar. We’ve literally democratized database security for this incredibly stagnant market.”
“We’ve been fortunate to have a really healthy business with a strong customer base – we love our customers – they are the reason we are what we are. This relationship with Goldman Sachs will allow us to rapidly scale up our efforts and get in front of the ten’s of thousands of companies that need an affordable database security solution.” In the six years plus of jSonar’s existence, the company has acquired some of the world’s biggest companies as customers without any marketing. “We grew because of our customers” says Ron, “we listened instead of lecturing, learned from them what was needed and built it. At this point, we’ve deployed the jSonar platform into the world’s most complex environments with the most types of databases on the most varied of hybrid-cloud environments, some with legacy DAM tools as the sensors and some with native auditing – everything you can think of. The ‘sensor’ is not what’s important – it’s what you do with what the sensors emit – and that’s always been our focus.”