A UK start-up that helps big businesses protect their data has just raised £12m
London-based Privitar will use the Series A funding to accelerate the delivery of its product roadmap and core IP, as well as expanding to the United States
A UK start-up that helps big businesses protect their data, has just raised £12m in a Series A funding round led by Partech Ventures – which also included CME Ventures and Salesforce Ventures, and existing investors IQ Capital, 24Haymarket and Illuminate.
London-based, Privitar uses engineering software to help ensure data-reliant businesses can store consumer information safety and securely.
The start-up will use the Series A funding to accelerate the delivery of its product roadmap and core IP, as well as expanding to the United States
The news comes just one week after Partech Ventures announced it had raised €400m to invest into UK start-ups.
Designed for “major industry” businesses such as software, artificial intelligence and consumer electronics, the transatlantic fund is designated for Series A and Series B rounds – with two-thirds of all investments guaranteed to be European start-ups.
Less than one year before the general data protection regulation (GDPR) comes into play, the investment signifies a growing concern among larger corporations about how they can keep vital yet sensitive information on their customers secure.
2017 has already seen numerous examples of cyber crime and data hacking where cyber criminals have opted to steal information – rather than straight-out cash.
Jason du Preez, CEO of Privitar, said:
“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.”
Jean-Marc Patouillaud, managing partner at Partech Ventures, said:
“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”