Data privacy startup Prifender has raised $5m in a seed round to capitalise on ‘significant regulatory momentum’.
The funding was led by Firstime VC and included participation from Shaked Ventures and iAngels. It will use the funds to fuel global expansion and accelerate platform development, leveraging both AI and traditional techniques to optimise functionality.
With offices in Bellevue, Washington and Tel Aviv, Israel, Prifender claims to be the first company to create a fully automated, enterprise-ready data privacy platform that discovers and maps personal information across all networks.
Its platform offers self-service identity mapping with the ability to associate each identity with its relevant privacy obligations. Prifender’s platform has been deployed in leading global enterprises across technology, retail and financial services, with the aim of to enabling organisations to easily manage and demonstrate accountability and compliance.
“We are excited about our investment in Prifender,” said Jonathan Bernartzi, managing partner at Firstime VC. “The digital world is currently undergoing a revolution with anything concerning the collection and usage of personal information held by large corporations. Prifender’s solution enables companies to operate with the required corporate governance and to manage each user’s personal information with complete transparency and accessibility.
“The GDPR, alongside similar regulations worldwide, have created a significant regulatory momentum for the business of Prifender and we believe that its technology will become the industry standard for privacy compliance.”
The General Data Protection Regulation (GDPR) presents organisations with a broad set of requirements over the management of personal information that cannot be effectively addressed without the support of technology. Prifender’s identity-aware enterprise solution for privacy management offers a solution that help organisations automate, and demonstrably comply with, many of their GDPR obligations.
Christopher Glover, CTO, previously headed PayPal and eBay’s data architecture; Pedro Pinheiro, head of data privacy architecture, formerly Microsoft’s Europe’s cloud services lead and Dr. Sagi Leizerov, Prifender’s chief data solutions officer, formerly Ernst & Young’s head of global privacy practice.
“We’ve seen a substantial increase in inquiries over the last couple of months. Every day we hear from companies that are challenged with demonstrating accountability over the personal information they collect and process,” added Nimrod Luria, CEO and Co-Founder, Prifender. “Our technology is already driving efficiency and providing peace of mind for leading global enterprises, with an easy-to-deploy, automated system that works at any scale, saving time and costs.”
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
