OSU’s DatAnchor latches on to funding

DatAnchor, a US-based cybersecurity technology startup spun out of Ohio State University (OSU), made its official debut on Wednesday with a round of undisclosed size led by Ohio Innovation Fund.
Ohio Innovation Fund, the venture capital firm backed by OSU, Ohio University and Kent State University, was joined by VC firm Dundee Venture Capital while OSU’s tech transfer unit, Ohio State Innovation Foundation, has taken a stake in DatAnchor under its licensing agreement with the university.
DatAnchor raised $1m of a $1.3m equity round in November 2018 according to a regulatory filing, though the company has not confirmed whether it has met or exceeded that target.
Founded in 2018, DatAnchor has created cybersecurity software that embeds protective pieces of cryptographic code into a client’s data so that access can still be controlled after files have been moved.
The platform effectively allows DatAnchor to automate data governance tasks based on factors including user, location and data type. It also keeps data logs to help meet legal regulations such as the General Data Protection Regulation in the EU or the Health Insurance Portability and Accountability Act in the US.
The company was founded by Emre Koksal, a professor in OSU’s Department of Electrical and Computer Engineering.
DatAnchor is sold on a monthly subscription basis and has already secured business with legal, financial services and healthcare clients among others.
Bill Baumel, managing director at the Innovation Fund, will join the board of directors at DatAnchor in connection with the round, together with his colleague Michael Hughes, a venture adviser.
Scott Osborne, interim vice-president of corporate engagement at OSU, said: “We are proud that Ohio State faculty are developing solutions to some of society’s most complex problems, and Dr. Koksal’s research is a prime example of that.”