Data privacy infrastructure company Transcend has closed a seed round from Accel, closing on an undisclosed amount.
Transcend enables companies to manage the access to personal data across the distributed data systems and vendors.
The company hosts a privacy centre on to a client’s domain and stores all personal data collected by the client around customers. When a customer submits a request to access or erase their personal data from a company, they are able to do so easily. They can view a copy of the personal data, review records, move data elsewhere, delete the account or data, object to data processing activities or restrict data processing.
Transcend automatically compiles or erases the requestor’s personal data across all vendors, such as Stripe, Google Analytics, and Shopify, among others.
In a blog post from Accel it said, “The atmospheric pressure around data privacy has been building for years. With efforts in Europe (GDPR) and California (CCPA) solidified, and laws in India and Japan gaining momentum, we’re entering an era where technology companies have to take a user’s home laws into careful consideration: where is this user logging in? What’s acceptable use for the data we have on them? How do we handle data service requests, or the “right to be forgotten”? How can our developers move fast, while staying compliant?
“Building that kind of control is challenging. But great product and marketing teams see that trust will play an enormous role in brand building and are eager for help. Transcend has set out to help every product and marketing team meet modern privacy needs without slowing them down.”
Accel has already made a number of investments into the RegTech sector this year. Earlier in the week, the venture firm participated in the $10m funding round of MiFID II compliance solution Open Gamma.
The company delivers data analytics for banks, hedge funds, asset managers and pension funds. The technology can identify opportunities, view risk moves, monitor margins and costs, and the ability to act on the insights.
Other recent investments include contributions to the $42m Series B of cybersecurity platform Tessian and the $30m Series B of Chainanlysis, a cryptocurrency compliance and investigation solution.
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