Privacy-focused technology startup Soveren on Tuesday announced it has closed a $6.5 million seed round led by firstminute capital. Northzone also invested in the startup, along with multiple private investors.
Soveren is building technology to help companies identify and resolve incidents and risks to ensure they can protect privacy and meet regulatory obligations. According to the company, privacy needs to be embraced at an engineering level to guarantee compliance.
Soveren claims its technology can strengthen existing security and prevent privacy incidents to protect organizations from financial and brand damage. Such incidents include providing undetected APIs with access to personal data or allowing for data to be stored on systems that can’t keep it protected.
Through real-time analysis of data flows, Soveren can identify personal data within a company’s infrastructure, which allows it to detect privacy risks.
Founded in 2020, the London, England-based company has already secured 10 lighthouse customers in North America and Europe, across verticals such as e-commerce, fintech, healthcare, software, and travel.
“Privacy is the new Security. Engineering and Security teams demand automated, functional, and easy-to-install privacy solutions as their bandwidth for anything else is severely limited. Soveren provides the much needed simplicity in privacy compliance,” stated Peter Fedchenkov, Founder and Co-CEO of Soveren.