California-based cloud data governance and security company, Privacera secured $50m in Series B funding round led by Insight Partners.
The investment round also saw participation from Sapphire Ventures and Battery Ventures along with existing investors Accel, Cervin and Point 72.
With the aim to cater to the escalating demand for its security solution, the firm will use the funds to fast-track its go-to-market strategy and further extend its investment in its unified system for data governance and privacy across multiple cloud services.
Privacera’s platform enables firms to access data across multiple cloud services without compromising compliance with regulations like the EU’s GDPR, the California Consumer Privacy Act, Brazil’s LGPD, and the US’ HIPAA. It allows companies to respond to requests for data subject access as well as data deletion.
By using the firm’s services, customers can automate data discovery and perform policy management at a petabyte scale as well as secure sensitive data across multiple cloud services such as AWS, Azure, Databricks, GCP and Snowflake.
With its annual recurring revenue rising by 250% in 2020 and a slew of Fortune 500 companies as customers, the company expects to scale up further this year, it said.
Detailing on the firm’s services, Privacera CEO Balaji Ganesan said, “Having pioneered the industry’s first SaaS-based data governance and security solution capable of integrating privacy and compliance across multiple cloud services, we help organisations use data effectively and responsibly, so they remain compliant with an ever-growing number of regulations.”
Echoing a similar sentiment, managing director at Insight Partners and Privacera’s latest board member Praveen Akkiraju added, “Robust and scalable data governance has become a foundational layer of the modern application stack and frictionless data access to developers and data scientists is a mission critical requirement today.
“Even as infrastructure moves into the cloud, users become more distributed and compliance standards become more stringent.”
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