Relyance AI, a leading AI-based data governance platform that provides complete visibility and control over enterprise-wide data, announced a $32.1 million Series B funding round to scale operations and meet the needs of the exploding use of AI in the enterprise. Thomvest Ventures led the round. And M12 (Microsoft Ventures Fund) also participated in addition to Cheyenne Ventures and existing investors Menlo Ventures and Unusual Ventures.
As demand for AI increases in the enterprise, global regulators are mandating data protection safeguards that companies find impossible to implement. And at the same time, legal, security, and engineering teams are grappling with endless questions about how customer data is being used to train AI models. So executives are stifled by their inability to realize AI’s innovation potential.
Privacy and security have been seen as separate challenges, with one generally unaware of the other. And Privacy teams do not know if their commitments to regulations and customers were being met, and security teams did not know what data should be in AI models. Relyance AI combines the two into one joint solution, which is the only way to enable innovation while ensuring compliance in a rapidly evolving regulatory landscape.
Relyance AI safeguards businesses from fines and reputation damage while also boosting customer trust to accelerate business growth. And the platform provides complete visibility into enterprise-wide data processing and compares it against contractual commitments, global privacy regulations, and compliance frameworks. The company has scaled significantly to meet the recent demand for these capabilities. In the first half alone, And Relyance AI increased its enterprise customer base by 30%, and the company is projected to double its annual recurring revenue in 2024. Its client list now includes Coinbase, Fivetran, Verkada, Snowflake, Logitech, Plaid, and Notion.
KEY QUOTES:
“The era of accepting subpar privacy, DSPM, and AI governance solutions is over. Relyance AI sets a new standard where data protection and innovation are not mutually exclusive. It’s impossible to keep up with the current state of regulations, especially when GDPR, HIPAA, the EU’s AI Act, and a mosaic of local U.S. privacy laws are all different and sometimes at odds. We’re making it possible to demystify this and embolden the C-suite, engineers, and legal teams to urgently green-light AI in the enterprise with an integrated governance approach.”
-Abhi Sharma, CEO and co-founder of Relyance AI
“We’re thrilled to lead the investment in Relyance AI, a unique, automated data governance platform that addresses the urgent need for real-time data visibility and compliance in a world of explosive data growth and emerging regulations. Relyance AI empowers Chief Privacy, Security, and Information Officers to manage data privacy and compliance, avoiding costly penalties while driving safe and responsible AI adoption. We are excited to partner with CEO Abhi Sharma and his team, who have built a solution that transforms compliance into a competitive advantage, enabling businesses to scale AI with trust and transparency.”
-Umesh Padval, Managing Director, Thomvest Ventures
“The future of AI governance isn’t about compliance alone – it’s about building trust, transparency, and accountability into every layer of your technology. Relyance AI is the catalyst for that transformation, paving the way for AI implementation that is both compliant and incredibly fast.”
-Todd Graham, Managing Partner at M12
“With Relyance AI, we established enhanced visibility of data processing activities, seeing an impressive increase of 1,660% within three weeks of deployment. What used to be a time-consuming manual process is now an automated task that produces a robust record of our processing activities.”
-Deborah Usry, Senior Privacy and Product Counsel at NextRoll
