Data residency-as-a-service platform InCountry has closed its seed funding round on $7m, to support team growth.
The capital injection was backed by Caffeinated Capital, Felicis Ventures, Ridge Ventures, Bloomberg Beta, Charles River Ventures, Global Founders Capital, Parade Ventures, MState, and various angel investors.
The company is currently operating in 50 countries, but following the new funding, it is looking to scale its services to reach over 100 countries. Additionally, equity is being funnelled to support team growth and increase the amount of product offerings.
InCountry launched its platform to support companies complying with the growing number of data-based regulations entering the market. Its all-in-one platform stores data locally in the country of origin, helping to negate fears over where data is stored, and regulatory burdens involved.
To further support compliance, InCountry partners with international law firms and has a dedicated team to ensure data is correctly hosted, processed, secured and regulated.
The company has also released InCountry Profile, a solution which focuses on compliance with for user profiles and registration information. Over the course of the year, it is looking to release similar products for payment and transaction data, and health information.
InCountry CEO and founder Peter Yared said, “I grew up internationally and lived in Europe part-time for the past five years. It’s been alarming to see how consumer-facing Silicon Valley companies treat data, and I was able to personally witness reactions to data misuse, breaches and plain ignorance.
“I think legislative efforts to reign in cavalier attitudes in Silicon Valley is a step in the right direction. We don’t think this is a zero-sum game and truly believe that sovereign rights can be respected while still creating a pro-innovation environment.”
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