A British startup, Privitar, has raised $80 million in funding, with the main backer being Warburg Pincus. Privitar intends to use the extra funds to expand its data privacy platform’s capabilities and accelerate growth. The platform enables companies to use big data without compromising privacy.
Protecting Big Data
The advent of data analytics and the use of big data has seen large companies, such as Google and Facebook, run afoul of privacy regulations. There have also been large data breaches, with organizations such as Microsoft and Estée Lauder having exposed their customers’ data online.
To protect such data, Privitar has developed a platform that automates the enforcement of data privacy policies. Privitar’s platform enables companies to utilize big data while ensuring data protection and mitigating the risk of data breaches.
According to Privitar’s CEO, Jason du Preez, “The Privitar platform enables our customers to unlock and use their data to create better products and services while minimizing friction and risk. […] Managing sensitive data at enterprise scale and complexity is a real challenge for even the most sophisticated data organizations. By automating the enforcement of data protection strategies, Privitar’s platform makes this achievable in any data-driven organization.”
Growing Need for Data Privacy Platforms
With the introduction of data privacy regulations such as the GDPR and CCPA, the use of reliable privacy solutions are vital. Businesses need solutions that protect sensitive data while still making it available to draw business value without contravening privacy regulations.
Consequently, centralized platforms that protect and manage large scale sensitive data, such as Privitar’s, have become essential. As stated by Cary Davis, Managing Director of Warburg Pincus: “As organizations embrace data analytics and move to modern data platforms such as cloud data lakes, having a centralized platform to protect and manage sensitive data at scale becomes essential in order to reduce the time it takes to make data available to users, protect against insider threats and reduce the risk of a breach.”
Investment in Privitar
Yesterday, Privitar announced that it had raised $80 million in a series C funding round led by Warburg Pincus. Warburg Puncus, a private equity firm focused on growth investments, backed the startup along with Accel, Partech, IQ Capital, Salesforce Ventures and ABN AMRO. Privitar has stated that it intends to use the funds to further expedite the development of its data privacy platform. The funds will also be used to grow the business and fuel international expansion.
Although currently startups are struggling to raise cash, Privitar’s latest funding round was not affected. This latest investment comes on the back of a previous investment made in June 2019. Last June, Privitar raised $40 million in a series B funding round led by Accel.
The Telegraph reports that due to the coronavirus epidemic, startups are struggling to raise funds. According to industry groups, venture capitalists are moving to shore up their existing portfolio companies rather than making new investments. This is due to the current insecure economic climate caused by the epidemic.