UK-based software company, Privitar, has raised $16 million in a Series A funding round led by Partech Ventures with participation from CME Ventures and Salesforce Ventures. Existing investors IQ Capital, 24 Haymarket and Illuminate Financial have reinvested.
The company plans to use the funds to accelerate the delivery of its product roadmap and core IP. It will also look to build on sales success in Europe with expansion to the United States and other key geographies.
“Advanced analytics and machine learning applications are fuelled by data, which is often sensitive. Privitar’s software enables our customers to innovate rapidly while maintaining an uncompromising approach to data privacy. We believe the use of technological controls to protect privacy is essential to preserve customer trust in the data-driven economy,” said Jason du Preez, CEO, Privitar.
As data-driven organizations look to maintain customer trust and comply with legislation such as the incoming General Data Protection Regulation (GDPR), the new funding will help Privitar to boost its privacy engineering discipline. According to the company, unprecedented growth in the amount of personal data generated and collected, feeding into advanced analytics and machine learning, has made privacy risk a boardroom issue. Its software products help organisations to mitigate these risks, and enable them to get the most out of sensitive data without compromising on privacy and security.
“Data-driven decision making and intelligence is becoming critical for all businesses. Firms cannot afford to compromise on privacy protection given the potential consequences to brand and reputation. We have decided to invest in Privitar because we see them as an excellent option for organisations that want to get the most of their data while ensuring full customer trust,” said Jean-Marc Patouillaud, Managing Partner, Partech Ventures.
Privitar currently operates across several industry verticals including financial services, telecommunications, pharmaceutical and government. Customers use its software to make sensitive data available internally for advanced analytics and machine learning, to enable collaboration with third parties, and to safely accelerate the adoption of cloud computing.