Data privacy software company will increase investment in product
development and accelerate global expansion to help organizations reduce
data privacy risks
LONDON & BOSTON–(BUSINESS WIRE)–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.
Ends
About Privitar
Privitar
provides data-privacy software to companies and public sector
organizations around the world to protect sensitive data and enable the
safe and ethical use of data for insight. Privitar was established in
2014 with headquarters in London. The business expanded overseas in 2018
and 2019, opening offices in New York, Boston, Paris, Munich and
Singapore.
Privitar raised $16m in a Series A funding round in July 2017, with
support from existing investors IQ Capital, 24 Haymarket and Illuminate
Financial and new funding from Partech, CME Ventures and Salesforce
Ventures.
Privitar hosts an annual community event –In:Confidence–
with luminary privacy experts and commentators and contributes regularly
to the public discourse on privacy matters. You can read and subscribe
to the latest news and opinions from Privitar here.
For more information, please visit www.privitar.com
About Accel
Accel is a leading venture capital firm that partners with exceptional
founders with unique insights, from inception through all phases of
private company growth. Atlassian, Algolia, Avito, Celonis, Cloudera,
Crowdstrike, Deliveroo, DJI, Dropbox, Etsy, Facebook, Flipkart, Funding
Circle, Kayak, Kry, QlikTech, Rovio, Slack, Spotify, Supercell, UIPath
and WorldRemit are among the companies the firm has backed over the past
35+ years. The firm seeks to understand entrepreneurs as individuals,
appreciate their originality and play to their strengths. Because
greatness doesn’t have a stereotype. For more, visit www.accel.com,
www.facebook.com/accel
or www.twitter.com/accel.
Salesforce Ventures
Salesforce is the fastest growing top five enterprise software company
and the #1 CRM provider globally. Salesforce Ventures—the company’s
corporate investment group—invests in the next generation of enterprise
technology that extends the power of the Salesforce Customer Success
Platform, helping companies connect with their customers in entirely new
ways. Portfolio companies receive funding as well as access to the
world’s largest cloud ecosystem and the guidance of Salesforce’s
innovators and executives. With Salesforce Ventures, portfolio companies
can also leverage Salesforce’s expertise in corporate philanthropy by
joining Pledge 1% to make giving back part of their business model.
Salesforce Ventures has invested in more than 300 enterprise cloud
startups in 20 different countries since 2009. For more information,
please visit www.salesforce.com/ventures.
Contacts
Clementine Boyer Duroselle on the Privitar press team:
[email protected],
+44 7932774644
Josephine Salm for Accel:
[email protected]
