AI-powered data governance startup Relyance AI has raised $32 million in a Series B funding round that brings the total raised by the company to $62 million.
The investment round was led by Thomvest Ventures, with additional support from Cheyenne Ventures, Microsoft’s ventures fund M12, and previous investors Menlo Ventures and Unusual Ventures.
The San Francisco-based Relyance AI emerged from stealth mode in 2021 to tackle the hurdles that come with the wide adoption of artificial intelligence across enterprise environments.
The startup claims its fully integrated governance platform can help organizations address not only data protection requirements imposed by regulators, but also solve the issues that engineering teams face when it comes to using customer data to train AI models.
According to Relyance AI, its solution merges data privacy and security to help organizations realize AI’s innovation potential, providing full visibility into data processing and ensuring compliance with contractual commitments and privacy regulations.
The platform scans all applications, code repositories, data stores, and AI models to inventory, categorize, and map data flows, scans contracts and policies to ensure compliance, and alerts customers when issues are discovered.
This approach, Relyance AI says, prevents data leaks, data residency and retention violations, and weak security controls, while detecting high-risk AI systems, shadow IT, sensitive data flows, and supply chain attacks.
The company will use the new investment to further develop its AI-powered platform and scale its operations.
“It’s impossible to keep up with the current state of regulations, especially when GDPR, HIPAA, the EU’s AI Act, and a mosaic of local U.S. privacy laws are all different and sometimes at odds. We’re making it possible to demystify this and embolden the C-suite, engineers, and legal teams to urgently green-light AI in the enterprise with an integrated governance approach,” Relyance AI co-founder and CEO Abhi Sharma said.
Related: Cyrisma Raises $7 Million for Risk Management Platform
Related: BigID Raises $60 Million at $1 Billion Valuation
Related: CrowdSec Raises $14 Million for Crowdsourced Threat Intelligence Solution
Related: Wikimedia Gets $2.5 Million in Funding to Secure Wikipedia
