Data privacy platform DataGrail has raised $45m in its oversubscribed Series C funding round, which was led by Third Point Ventures.
Others that joined the round include Thomson Reuters Ventures and Sixty Degree Capital. Existing DataGrail backers Felicis Ventures, Operator Collective, Next47, Cloud Apps Capital and others, also committed funds to the Series C.
DataGrail aims to help solve the issues with the rising risks and threats associated with data privacy. It claims that the global data privacy software market was worth $1.6bn in 2021 and is expected to be worth $25.8bn by 2029.
The company offers a privacy platform that enables companies to automate data subject requests, perform unified preference management and ensure accurate data discovery. Its Privacy Control Center is a hub that allows legal, security and executive teams to run impactful privacy programs and understand their real-time risk.
It recently released its community that connects privacy professionals so they can learn together. Risk Monitor is another new solution from DataGrail. The platform reduces the daily workload of users by unpacking the legalese behind data privacy initiatives when filling out risk assessments—like DPIAs, PIAs or any third-party assessments required. The tool also makes it easier for privacy teams to collaborate cross-functionally on privacy-related tasks.
Its clients include Salesforce, New Balance, Instacart, Skillshare and MyFitnessPal.
DataGrail co-founder and CEO Daniel Barber said, “DataGrail is at the forefront of a data privacy revolution.
“Difficult and important work must be done, and we are rising to the challenge. Our vision for the future of data privacy is one that grants control, treating privacy as a human right, while empowering businesses to provide transparency. With our team and backers in place and firmly aligned with this mission, DataGrail will accomplish great things.”
As part of the investment, Third Point Ventures partner Dan Moskowitz has joined DataGrail’s board of directors.
The data privacy company previously raised $30m for its Series B in 2021.
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