Privacy management solution TrustArc has received $70m in its Series D round which was led by private equity firm Bregal Sagemount.
While it is unclear whether existing backers’ investors Accel Partners, Baseline Ventures, DAG Ventures, Icon Ventures and Industry Ventures contributed to the round, the firms will retain ‘significant’ stakes in TrustArc.
With the fresh batch of funds, TrustArc is hoping to cement its position in the market and help enterprises around the world meet data privacy requirements.
The company leverages deep privacy expertise and methods to protect data across all phases of privacy program management. Products include data inventory, assessment management, intelligence engine, cookie and marketing consent, compliance management, ad compliance and privacy profile/dashboard.
Bregal Sagemount founding partner Daniel Kim said, “Companies are increasingly required to serve as fiduciaries of personal information. Their customers, supply chain partners, and vendors are more likely to provide such data to companies that have the policies and software to manage it properly.
“TrustArc’s privacy industry leadership has allowed it to build a unique suite of technology solutions to help companies differentiate themselves in today’s regulatory environment.”
Last year, TrustArc expanded its offerings to include the new Asia-Pacific Economic Cooperation (APEC) Privacy Recognition for Processors (PRP) certification. With the certificate businesses will be able to demonstrate compliance with comprehensive global standards.
Pressures on meeting data privacy requirements are on the rise with a number of fines starting to hit the market.
Last week, the French data pririvacy regulator Commission nationale de l’informatique et des libertés (CNIL) reportedly fined real estate marketplace company Sergic €400,000 for GDPR failings. The figure represents one per cent of the PropTech’s annual revenue.
Following an investigation, the CNIL found anyone could access personal documents of other users by simply altering the URL address.
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