Soveren, which is trying to transform how companies handle privacy security, has collected $6.5m in its seed funding round.
The investment was led by firstminute capital, with contributions also coming from the Branson family and 11 unicorn founders, including founders of Airbnb, Datadog, MuleSoft, Snyk, and Color. The seed round was also backed by a group of global CEOs.
Soveren claims ten million companies around the world are at risk of violating GDPR and other regulations due to not being able to detect and resolve privacy incidents and risks. It also states security software fails to address privacy challenges as personal data is meant to be accessed, used and shared daily, not just isolated and seals like confidential data.
Peter Fedchenkov, founder and co-CEO of Soveren, said, “Privacy is the new Security. Engineering and Security teams demand automated, functional, and easy-to-install privacy solutions as their bandwidth for anything else is severely limited. Soveren provides the much-needed simplicity in privacy compliance.”
Soveren’s technology strengthens existing security measures and provides protection from financial and brand damage caused by privacy incidents. It analyses real-time data flows inside a company’s infrastructure to discover personal data and detect privacy risks.
Virgin chief purpose and vision officer Holly Branson said, “At Virgin, our customers mean everything to us and treating them with respect and with world class service is at the core of the entire Virgin ethos. The way we handle their personal information is an important extension of this and something we take very seriously. As a family we are delighted to be investors in Soveren, whose mission and innovative technology will enable many more businesses to become better stewards of personal data.”
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