Intello, a SaaS (software-as-a-service) optimisation provider, has landed $1.3m in seed funding to tackle the surge in demand from companies needing to comply with GDPR.
The round was led by Emerge with participation from BoxGroup, Blacktop, Kaedan, and Tectonic. Additional investors in the round include InVision founder Clark Valberg, The Muse founder Kathryn Minshew, and Sense360 founder Eli Portnoy. With the new capital onboard, Intello plans to accelerate product development and rapidly grow its engineering team in New York.
Intello’s platform claims to unlock full visibility into an organisation’s SaaS spend, usage and compliance. It leverages direct integrations with Quickbooks, Netsuite and Salesforce and a proprietary browser extension, to create one system of record to manage SaaS applications.
“The explosion of SaaS has led to significant issues for finance and IT teams tasked with keeping up and managing the ever-growing subscriptions, licenses, renewals and security of software applications,” said Barak Kaufman, Intello’s co-founder & CEO. “We’ve built an automated platform to manage the purchasing and compliance lifecycle of SaaS applications.”
Intello said it has seen increased demand from companies needing to comply with the General Data Protection Regulation (GDPR) in Europe, which takes effect on May 25th,. The regulation, which enforces strict regulation for data collection and processing, means companies need a complete understanding of 3rd party software in-use and where their customer’s data is being stored.
Its platform solves this issue by automating the initial auditing process and then monitoring for real-time usage of SaaS applications, including Shadow IT.
As the demand for GDPR edges closer, a number of companies have updated their offerings to help customers and businesses meet compliance. Box, an enterprise content management platform, recently launched new services to help its customers comply with the regulation. The company released a self-serve, easy-to-execute Data Processing Addendum (DPA) that requires only a electronic signature from the customers.
The Fundraising Regulator also recently published changes to the Code of Fundraising Practice, as it looks to bring the fundraising rules into line with new data protection regulations.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
