Ethyca, a data privacy automation service for all sizes of businesses, has reportedly raised $4.2m in funding.
Early-stage investors IA Ventures and Founder Collective led the round, according to a report from TechCrunch. Other participation came from Table Management, Sinai Ventures, Cheddar founder Jon Steinberg, and Moat co-founder Jonah Goodhart.
The platform is integrated with an organisation’s existing technology to automate data privacy. It establishes a centralised control panel to give companies full visibility of their transactions. Tools include data flow mapping, subject access requests, erasure, privacy-based access control, and impact assessments.
Consent management services offered by the company help a business to track consent of individual users. The service maps the relationships between individual users, attributes, consent, processing activities, and authorisation.
With data privacy regulations starting to crop up around the world, with Australia, Brazil and Japan some of the countries set to launch new rules, Ethyca believes it’s in the right position.
Last month, IA Ventures took part in the $100m funding round of cloud cybersecurity provider Vectra. The company delivers AI-driven threat detection and response to cyber threats in the cloud, capturing a network’s metadata to uncover any suspicious activity.
The high volume of capital deployed into companies building GDPR companies shows how high of a priority establishing data privacy technology is. Funding in the space has reached up to $1.7bn, representing 15.7 per cent of the total capital deployed in the RegTech sector since 2014.
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