Relyance AI has launched out of stealth as it hopes to help businesses improve the transparency and visibility of their data to ensure compliance is being met.
The company also revealed it has raised a total of $30m through its seed and Series A funding rounds, which were co-led by Unusual Ventures and Menlo Ventures. As part of the deal, Unusual Ventures co-founder Jyoti Bansal has joined Relyance’s board of directors, while Menlo Ventures partner Matt Murphy joined as an observer.
Based in the US, the company has earmarked the equity to hire more engineering and sales personnel and increase its go-to-market efforts.
Relyance claims to be the first privacy and data governance ops solution that boasts transparency and visibility down to the source code in real-time. Through this, clients can quickly see the state of privacy and compliance within the company and map their requirements.
Through machine learning, companies can understand a company’s contractual requirements and operational reality of data processing.
Its five core components are: Live Data Inventory and Map, Universal ROPA, Intelligent Insights, Data Subject Access Request and Vendor Lifecycle Management.
Menlo Ventures partner Matt Murphy said, at “Compliance software has historically been a manual, top-down process of mapping and trying to figure out data location and movement. Relyance completely changes the game with a bottoms-up, tech-first approach which automagically discovers and maps data locality and flows.
“This puts them in the unique position to ensure a level of coverage and provide real-time insights about data risk that have never been possible. Just as DevOps changed the way companies thought about managing apps and infrastructure, Relyance is changing what’s possible in managing compliance and data governance.”
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