Data privacy platform Privitar has raised $16m for its Series A funding round led by Partech Ventures.
Backers contributing to the round also included IQ Capital, 24Haymarket and Illuminate Financial.
The company’s software makes sensitive data available internally for analytics and machine learning to aid third party collaboration and accelerate cloud computing use. Privitar’s platform reduces risk with storing, processing and using data, gain insights on data and safely share their data.
Currently Privitar is used across the financial services, telecommunications, pharmaceutical and government sectors.
This investment will be used to speed up delivery of its product roadmap and core IP, building up sales in Europe and expansion in to the US and other regions.
Privitar CEO Jason du Preez said, “Advanced analytics and machine learning applications are fuelled by data, which is often sensitive. Privitar’s software enables our customers to innovate rapidly while maintaining an uncompromising approach to data privacy. We believe the use of technological controls to protect privacy is essential to preserve customer trust in the data-driven economy.”
Total funding received by Privitar to date is around $21m, with the last investment coming from a £3m seed investment last year.
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