CYTRIO has raised $3.5 million in seed funding to address mid-sized companies’ challenges of meeting increasing data privacy regulations. CYTRIO has secured funding from angel investors and institutional seed investors, including Dreamit Ventures, Food Retail Ventures, and Rockwood Group.
The raise also included CYTRIO’s founding team, industry experts with 50 years of collective data, privacy and security experience, including Vijay Basani, Chief Executive Officer; Pankaj Parekh, Chief Privacy Officer; and Darshan Joshi, Chief Technology Officer.
“Today, we launch CYTRIO to enable mid-size companies to comply with numerous privacy regulations, while building customers’ trust that is essential to thrive in today’s digital economy,” said Vijay Basani, Founder and CEO of CYTRIO. “Our mission to deliver an easy-to-deploy SaaS privacy rights management solution will help mid-market enterprises swiftly and cost-effectively comply with data privacy regulations with minimal resources. We are leveling the playing field for mid-sized enterprises to compete and thrive in the data-driven digital economy, where consumers have control of their private, personal information (PI).”
According to a recent study by Cisco, 86% of respondents said they care about their data privacy and want more control over their PI, while 79% said they were willing to act to get that control. This, coupled with the rising trend in data breaches, where billions of personal data records are compromised every year, has driven the emergence of modern data privacy regulations, including state level regulations like the California Consumer Privacy Act of 2018 (CCPA), the California Privacy Rights and Enforcement Act of 2020 (CPRA), the Virginia Consumer Data Protection Act (VCDPA) of 2021, and the Colorado Privacy Act (CPA) of 2021.
“I have worked in the industry for both large and small companies for 30 years and have seen the data privacy market evolve,” said Michelle Finneran Dennedy, CEO at Stealth Privacy Tech Co. and Board Member of CYTRIO. “Some of the biggest obstacles for mid-market companies to adopt data privacy regulations are solutions that are expensive, cumbersome to deploy, and difficult to use, while not solving the problem. CYTRIO is directly addressing this serious issue with a cost-effective SaaS solution that will help mid-sized enterprises better understand their data assets to build digital trust.”
Current data privacy rights management solutions designed for large companies are not suitable for mid-market organizations due to deployment complexity, long time-to-value, and need for dedicated privacy teams. Increasing competition and accelerated digital transformation are forcing SMEs to identify and close privacy or security gaps across growing infrastructures. SMEs are not able to survive customer boycotts or brand reputation damage due to customer trust erosion and privacy regulatory fines.
The CYTRIO founding team’s experience is well-suited to answer CISOs’ and CPOs’ urgent call for a mid-market solution that provides automated data discovery, built-in response work-flows, ease of deployment, and quick time-to-value. Vijay Basani brings 30 years of experience, founding WebManage Technologies (acquired by NetApp), AppIQ (acquired by HP), and Cygilant, among others.
Pankaj Parekh has held CPO, CTO, and VP of engineering roles at Zscaler, Microsoft, Security First Corp., iPolicy Networks, and others. Darshan Joshi has held SVP and VP of technology and engineering roles at Informatica, Symantec, and Veritas.
In addition to Michelle Finneran Dennedy, CYTRIO board members include data, security, and SaaS experts Dan Purjes and Paul Brady.