Privitar, the data privacy software company, announced it has closed a $40 million Series B funding round led by global venture capital firm Accel, with participation from existing investors Partech, Salesforce Ventures, 24Haymarket and IQ Capital.
The investment strengthens the company’s leadership position in the global data privacy market. Seth Pierrepont, Partner at Accel, will join Privitar’s board of directors.
Data privacy is now top of mind. Following high-profile events like the Equifax breach and the Cambridge Analytica scandal, consumers around the world are increasingly concerned with how enterprises are handling their personal data.
Additionally, regulation and consumer rights around data protection are growing, with the introduction of General Data Protection Regulation (GDPR) in Europe and California Consumer Privacy Act (CCPA) in the United States.
Privitar will use the investment to accelerate the development of its privacy engineering products, providing a comprehensive set of capabilities that will enable its customers to publish and share valuable data-driven insights in an efficient, trustworthy, and compliant way. Its customers include some of the world’s best-known brands, such as HSBC, the UK’s National Health Service (NHS Digital) and BT.
Jason du Preez, Privitar’s CEO said: “The world is increasingly aware of the importance of protecting private information and privacy engineering is becoming intrinsic to the way organizations manage and share data.
“This investment will enable us to scale rapidly in response to global demand and help our customers realise the enormous benefits of data-driven decision making, much faster and with less risk.”
Seth Pierrepont from Accel added: “There has been a noticeable increase in enterprises’ appetite for buying data privacy technology in recent years. Through the team’s deep domain expertise and close ties to academia, Privitar has positioned itself as a thought leader in privacy innovation. We’re excited to be joining Privitar on its mission of becoming the standard for enterprise data privacy.”
The company is well positioned as an emerging leader in this category and has seen huge demand for its products as organizations seek the latest technology to analyse their data safely, and with the utmost respect for the individual.
Across industries, from banks seeking to improve customer service while protecting personal financial information to healthcare providers seeking to improve clinical outcomes while protecting patient data, it is essential for organizations to harness the power of data, while maintaining the trust they have with their customers.