Data privacy compliance startup CYTRIO this week announced its launch with $3.5 million in seed funding from Dreamit Ventures, Food Retail Ventures and Rockwood Group, as well as angel investors.
CYTRIO was founded by Vijay Basani (chief executive officer), Pankaj Parekh (chief privacy officer), and Darshan Joshi (chief technology officer), who collectively have 50 years of experience in data, privacy and security. Basani previously founded WebManage Technologies (acquired by NetApp), AppIQ (acquired by HP), and Cygilant.
The company offers a solution that simplifies and automates data privacy management for mid-sized enterprises, arguing that “solutions designed for large companies are not suitable for mid-market organizations due to deployment complexity, long time-to-value, and a need for dedicated privacy teams.”
CYTRIO’s product is designed to automatically discover personal information across cloud and on-premises stores, orchestrate data subject access requests, and give customers control over their data.
“Today, we launch CYTRIO to enable mid-size companies to comply with numerous privacy regulations, while building customers’ trust that is essential to thrive in today’s digital economy,” said Basani.
“Our mission to deliver an easy-to-deploy SaaS privacy rights management solution will help mid-market enterprises swiftly and cost-effectively comply with data privacy regulations with minimal resources. We are leveling the playing field for mid-sized enterprises to compete and thrive in the data-driven digital economy, where consumers have control of their private, personal information (PI),” he added.