Cloud data governance and security solutions provider Privacera this week announced that it has closed a $50 million Series B funding round, roughly half a year after raising $13.5 million in a Series A round.
Founded in 2016 by the creators of Apache Ranger, Privacera plans to use the new funds to accelerate its go-to-market strategy and extend its portfolio to support multiple cloud services.
The funding round was led by Insight Partners, but also saw participation from Battery Ventures, Sapphire Ventures, Accel, Cervin, and Point 72.
The new infusion of cash, the company says, will be used to extend investment in Privacera’s unified system for data governance and privacy across cloud services, such as Databricks and Snowflake.
The company says it registered a 2.5X ARR growth last year, which it claims was accompanied by an “explosive” increase in customer base.
Privacera provides a SaaS-based data security and governance platform that can automatically identify sensitive data, and offers unified access control and encryption across cloud services such as AWS, Azure, Google Cloud, Databricks, and Snowflake.
“Having pioneered the industry’s first SaaS-based data governance and security solution capable of integrating privacy and compliance across multiple cloud services, we help organizations use data effectively and responsibly, so they remain compliant with an ever-growing number of regulations,” Privacera CEO Balaji Ganesan commented.
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