TechCrunch most lately lined Skyflow when it secured an outsized Series B late last year, a funding occasion that got here after the corporate raised a Series A less than a year prior. Plaid — an organization that we’ve lined concerning its products, fundraising, and abortive attempt to sell to Visa — wants little introduction at this level.
We caught up with Skyflow CEO Anshu Sharma to noodle on the partnership, which he described in a telephone name as a strategy to create pre-configured knowledge “vaults” for Plaid prospects. The gist is that Plaid customers can retailer their delicate person knowledge inside Skyflow rapidly utilizing its personal API, and not using a velocity penalty with regards to accessing data.
Sharma additionally harassed that as a result of expertise that underpins Skyflow — polymorphic knowledge encryption — customers of his firm’s knowledge storage system can nonetheless run workflows and evaluation on their data with out decrypting it.
The query at this juncture is solely what number of Plaid prospects need a knowledge storage resolution of the sort that Skyflow provides. (TechCrunch has an extended dig into how the startup’s expertise works here, from our first protection of the corporate.)
The reply might be a good quantity.
Skyflow has stayed in TechCrunch’s imaginative and prescient due to its speedy development. When it closed its Collection B final yr, Sharma mentioned that his firm had grown round eightfold within the previous three quarters. In our interview concerning the Plaid partnership, Sharma added that whereas his firm’s fiscal first quarter doesn’t shut for an additional week and alter, Skyflow had already collected round twice as a lot “contracted ARR,” or contracted annual recurring income, because it managed in This fall 2021. (It’s time for Skyflow to cease sharing comparative numbers and transfer to exhausting metrics, on condition that the corporate’s subsequent spherical, a Collection C, is decidedly not early-stage, I hasten so as to add at this juncture.)
Flipping our perspective, what does the partnership imply for Plaid? I’d hazard that Plaid views knowledge privateness within the fintech house as a key plank undergirding its future; if customers lose religion that utilizing fintech apps and providers is safe, their curiosity in connecting with mentioned merchandise may decline. That may erode Plaid’s long-term potential. So, knowledge privateness issues rather a lot to Plaid, and Skyflow was prepared to cook dinner up a particular variation of its normal product recipe only for the fintech API firm’s prospects. Everybody wins? We’ll see.