London-based data privacy company Privitar this week announced that it has raised $80 million in a Series C funding round, which brings the total amount raised to date to more than $143 million.
The latest funding round was led by Warburg Pincus, with participation from Accel, Partech, IQ Capital, Salesforce Ventures and ABN AMRO Ventures. Privitar says it will use the funds to accelerate development of its platform and support growth initiatives, including international expansion and hiring more people in sales, services and product development.
Privitar provides a data privacy and anonymisation platform that enables organizations to obtain data-driven insights without putting sensitive employee, customer and partner information at risk. The platform includes de-identification capabilities to protect data, and it allows organizations to create and apply privacy policies, and trace data provenance to reduce insider threats and conduct forensic investigations in case of a breach.
“The advent of data privacy regulations such as GDPR and CCPA, combined with the increasing importance of data analytics in the enterprise, has created a growing need for a privacy solution that protects sensitive data while still retaining its business value,” said Cary Davis, managing director at Warburg Pincus.
Davis added, “We believe that Privitar is best positioned to help companies address this challenge, with a leading platform that has been successfully deployed at some of the largest and most discerning enterprise customers across financial services, healthcare, and other industries.”
Privitar claims its annual recurring revenue has more than tripled and its employee headcount has reached 140.
The company previously raised $40 million in a Series B funding round in June 2019 and $16 million in a Series A round in July 2017.
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Eduard Kovacs (@EduardKovacs) is a contributing editor at SecurityWeek. He worked as a high school IT teacher for two years before starting a career in journalism as Softpedia’s security news reporter. Eduard holds a bachelor’s degree in industrial informatics and a master’s degree in computer techniques applied in electrical engineering.
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