Qohash Secures $17.4 Million in Series B Funding Led by Fonds de solidarité FTQ to Accelerate Growth of Its AI Data Security Platform

The AI-powered platform provides visibility and control over files in high-risk data sources, helping enterprises proactively identify risks associated with sensitive data.

MONTREAL, April 24, 2024 /CNW/ - Qohash today announced a $17.4 million Series B investment led by Fonds de solidarité FTQ, with participation from Export Development Canada (EDC) and existing investor Desjardins Capital.

Since the last round of funding, Qohash has achieved significant traction within the financial services, public sector, and high technology sectors. Security teams in these industries are demanding effective and easy-to-deploy solutions to manage high-risk files and monitor their circulation within the organization. Qohash's Qostodian platform can be deployed rapidly, providing immediate visibility and control over the riskiest data sources.

The platform's AI-driven features are tailored to each customer's unique risk landscape and business rules, automating responses and providing actionable recommendations. This simplifies security operations and reduces the need for extensive manpower. As a result, Qohash's solutions are more efficient and customized to meet specific security needs.

"Our clients value our targeted approach that yields tangible risk reduction, avoiding superficial coverage and vanity metrics. The latest funding accelerates our investment in targeted AI capabilities, enhancing our platform to provide more precise and actionable insights for our customers," said Jean Le Bouthillier, co-founder and CEO of Qohash.

With the additional capital from this funding round, Qohash will not only accelerate the development of its platform but also its growth in key sectors where the protection of sensitive data is non-negotiable. This strategic expansion allows the company to meet the urgent security needs of industries where data security is critical.

"In today's fast-paced digital market, Qohash stands out by quickly delivering cutting-edge technologies, such as generative AI, to ensure the cybersecurity of companies here and abroad," explains Dany Pelletier, Executive Vice President of Private Equity and Impact Investing at the Fonds de solidarité FTQ. "The Fonds is proud to invest in a company that rapidly adapts to new technologies and develops its expertise, benefiting the data security of businesses and the public," concludes Mr. Pelletier.

"It is essential to equip and support organizations with cutting-edge technologies to secure their sensitive data. That's why Desjardins Capital is proud to reinvest in Qohash to expand its innovative cybersecurity solutions to medium and large international companies," says Nathalie Bernard, Chief Operating Officer at Desjardins Capital.

Qohash is a leader in data security software development, delivering innovative and user-friendly security technologies that provide businesses with visibility and control over their sensitive data. Since its founding in 2018, Qohash has rapidly scaled its operations to offer solutions that empower organizations to maintain continuous oversight of their security posture. Currently available in the U.S. and Canada, Qohash's mission is to protect the world's most sensitive data. For more information, visit qohash.com or our company page on LinkedIn.

A source of pride for Quebecers, the Fonds de solidarité FTQ fulfills its mission thanks to a unique business model created 40 years ago. Since its inception, the Fonds has rallied Quebecers, collecting and channeling the retirement savings of its 765,721 shareholders-savers into investments that help drive the Québec economy.

With net assets of $18.4 billion as at May 31, 2023, the Fonds supports more than 3,700 companies through venture and development capital investments underpinned by the conviction that impact is created as much by financial as social returns. For more information, visit fondsftq.com or our company page on LinkedIn.

Backed by 50 years' expertise, Desjardins Capital's mission to contribute to the prosperity of individuals and communities by investing in the growth of Quebec businesses. With assets under management of $3 billion as of December 31, 2023, Desjardins Capital contributes to the longevity of nearly 760 companies, cooperatives and funds in various sectors of activity from all regions of the province. In addition to contributing to socio-economic development, productivity and the adoption of sustainable practices, this subsidiary of Desjardins Group offers entrepreneurs access to a broad business network, enabling them to be accompanied and supported in their projects.

SOURCE Desjardins Group