- Data privacy software company Privitar announced it raised $40 million in Series B funding
- Accel led this round and existing investors Partech, Salesforce Ventures, 24Haymarket, and IQ Capital also joined
- With the funding, Privitar is going to build on its platform for protecting sensitive data on behalf of companies and public sector organizations
Privitar, a data privacy software company, announced it raised $40 million in Series B funding led by Accel. And existing investors Partech, Salesforce Ventures, 24Haymarket, and IQ Capital also joined this round. In conjunction with this round, Accel partner Seth Pierrepont is joining Privitar’s board of directors.
The privacy of data has become extremely essential following high-profile breaches in security with Equifax and the Cambridge Analytica scandal affecting Facebook users. As a result, consumers have become increasingly concerned with how companies are handling their personal data. Plus regulation and consumer rights around data protection are being implemented such as General Data Protection Regulation (GDPR) in Europe and California Consumer Privacy Act (CCPA) in the United States.
Privitar is going to use the funding to accelerate the development of its privacy engineering products and provide a comprehensive set of capabilities that will enable its customers to publish and share valuable data-driven insights in an efficient and compliant way. Some of Privitar’s customers include HSBC, NHS Digital, and BT.
“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,” said Privitar CEO Jason du Preez. “This investment will enable us to scale rapidly in response to global demand and help our customers realize the enormous benefits of data-driven decision making, much faster and with less risk.”
Non-executive director John Taysom and chairman Gerry Buggy are also founders of Privitar. Du Preez was previously a global business manager at Thomson Reuters and the co-founder of m35. And Taysom was the CEO and Founder of the Greenhouse Fund and RVC (originally Reuters Venture Capital) between 2005 and 2008. And Buggy was an Executive in Data and Valuations at Thomson Reuters between 2011 and 2008 and is also the current executive CTO at FirstDerivatives PLC.
“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,” added Pierrepont.
Privitar is well positioned as an emerging leader in this category and saw a huge demand for its products as organizations seek the latest technology for analyzing their data safely and with respect for the individual. Privitar launched in London in 2014 and then expanded overseas in 2018 and 2019 with offices in New York, Boston, Paris, Munich, and Singapore. And every year, Privitar hosts an annual community event called In:Confidence, which features panels of privacy experts and commentators.
