Data privacy startup Privitar just announced the closing of its $80 million Series C funding round, led by Warburg Pincus. This comes less than one year after the company raised its $40 million Series B last June.
Privitar has built a platform for businesses to make sure they’re using data securely and privately. Data is extremely valuable to enterprise companies, which is why you see companies paying top dollar for data science teams or analytical solutions. But collecting and storing large amounts of data puts people at risk.
As governments and legislatures catch up to tech companies in terms of data literacy, we’re seeing an increased push in keeping people’s data protected. Europe has the General Data Protection Regulation, California has the California Consumer Privacy Act. Both of these laws intend to make sure companies collect data responsibly.
It’s this balancing act between data use and protection that Privitar’s platform looks to address. The company’s tech manages and automates enforcement of data privacy policies for its customers’ platforms.
“Managing sensitive data at enterprise scale and complexity is a real challenge for even the most sophisticated data organizations,” Jason du Preez, the company’s CEO, said in a statement. “By automating the enforcement of data protection strategies, Privitar’s platform makes this achievable in any data-driven organization.”
Privitar will use this new funding to further develop its platform and invest in company-wide growth. Right now the company is looking to expand internationally and hire across sales, services, product development and other teams. In the past year, it has increased its global headcount by 80 percent and also tripled its annual recurring revenue year over year.
The company is based in London, with a regional headquarters in Boston, and has several other offices across the world.
