UK-based data privacy startup eXate has collected £2.3m in its seed funding round, which was led by Outward VC.
Other contributions came from ING Ventures and Triple Point Ventures.
Funds from the investment will be used to accelerate the growth of the platform, growing the size of its team and expanding into new geographies and verticals.
eXate claims to be democratising data privacy for organisations by providing a simple embedded platform that automates the technical enforcement of data policies, solving the large-scale challenges created by the changing data privacy requirements.
It claims there is a large opportunity for firms to unlock their data, but the difficulty is doing so in a compliant manner. eXate was founded in 2018 to solve this challenge.
The RegTech platform combines multiple privacy-enhancing technologies into a single platform, allowing data policies to automatically be applied to data that is accessed or shared. It claims that users have reported significant time and cost savings as data privacy processes can be realised within minutes.
eXate CEO Peter Lancos said, “Organisations that store and process large volumes of data experience many challenges when it comes to data sharing. We see the biggest obstacles arise from the lack of joined-up thinking. The use of expensive multiple single-point solutions, coupled with monitoring complicated country-by-country policies adds time and budget to data initiatives.”
“The key to delivering the best value for clients is to fully integrate data, security and operations in a single application through DataSecOps. This investment from leading venture capital firms, including one of our major banking clients, is a validation of what eXate has achieved to date and provides a solid foundation to bring the value of DataSecOps to a larger audience of data-driven organisations.”
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