Saagie, a provider of a smart big data processing platform to help companies comply with GDPR, has raised €5M in Series A+ funding.
The company, which previously raised €4.2m in 2016, has now raised additional capital from C.Entrepreneurs, the venture capital fund managed by Cathay Innovation, CapHorn Invest, BNP Paribas Développement, and the Matmut group. Cathay Innovation said it will help Saagie accelerate its strategy by focusing on business development and product design for financial institutions.
Based Petit Quevilly, France, the company intends to use Series A funds to continue to improve the product and expand its business reach internationally. Saagie, which also has offices Paris, France and San Francisco, CA, aims to open in New York and two new European subsidiaries in the near future.
Founded in 2013 by CEO Arnaud Muller, Saagie leverages AI technologies to provide a SaaS and on premise platform to help users to speed up the development of business applications.
The platform, which provides pre-integrated open source blocks for collecting, analyzing and processing large enterprise data, is used widely in the Bank & Insurance industry.
Saagie says the solution is used, for example, for the industrialization of business processes such as customer relationship management, fraud detection or financial reporting, for which the data sources are very diversified.
“Saagie’s growth potential is matched only by Big Data, which is almost infinite. The Saagie platform is a “must have” for all companies wishing to engage and succeed in their digital transformation and the creation of business applications in a timeframe that is three times inferior to that of the market and traditional Big Data players, ” said Laurent Dumas-Crouzillac, partner of CapHorn Invest.
The funding comes just months before the General Data Protection Regulation (GDPR) comes into force on the 25th of May 2018. The new legislation is aiming to protect personal data of EU citizens. Any European company or any international company processing personal data of EU citizens has to be compliant with this legislation or face penalties of up to 4% of the company’s total revenue (maximum of €20M).
Through its data governance module, Saagie’s platform claims to provide the tools to enable companies to accelerate their compliance. Its Data Governance is focused on documentation, data lineage, authorisation management and audit, giving users the tools needed to put Big Data projects into production, complying with GDPR. The module of Saagie’s platform also restricts access to personal data in order to avoid wrong usage.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
