Immuta has closed a $20m Series B round to accelerate the adoption of it data management software.
The new financing was led by DFJ Growth, with participation from Dell Technologies Capital, Citi Ventures, and previous investors Drive Capital and Greycroft. It brings the company’s fundraising total to $29.5m, having previously raised $9.5m. Immuta’s $8m Series A round, which was led by Drive Capital, closed in February last year.
Founded in 2014 and headquartered in, Maryland, Immuta’s platform claims to make it easier for multiple people in a company to collaborate across datasets.
It enables data scientists, data owners and governance teams to work together in a single digital platform. The approach provides access data faster, and in a legal and ethical manner, lowering business risk and bridging the gap between the law and AI.
Mark Bailey, co-founder and partner at DFJ Growth, said: “We’ve witnessed the explosion of digital data fuelling a proliferation of data science and AI initiatives around the world with the goal of improving customer experience, generating revenue or increasing operational efficiencies. Simultaneously, there has been a growing awareness about the importance of data governance and data privacy.
“Immuta’s compliance and governance solutions enable data science initiatives to proceed at high speed, while ensuring appropriate data governance and regulatory compliance
Immuta provides its services to the government, healthcare, and financial industries. With organisations scrambling to meet GDPR requirements, issues related to data governance and data compliance are becoming more important and complex.
Advanced data science is revolutionising the financial services industry, but slow data access, confusing internal data policies, and regulatory requirements are putting these advancements at risk.
Immuta provides a single access point for all of the user’s data and automated governance controls, eliminating the friction between data scientists, data stewards, and compliance personnel, and accelerating innovation.
Manual data governance, policy enforcement, and regulatory reporting cost financial institutions billions of dollars annually, with high operating expenses and regulatory fines. The startup claims to allow governance teams to enforce regulations directly on data without the need for new memos, new meetings, or new code.
Matthew Carroll, co-founder and CEO, Immuta added: “The law cannot keep pace with technology. As analytics and AI advances faster than any other technology category, the gap between regulation and analytics also increases.
“Unfortunately, enterprises rely on legacy, application-centric approaches to close this gap, adding complexity and slowing down their data science teams, while wasting millions in capital. Immuta has been steadfast in helping enterprises accelerate their AI programs through highly automated data management and dynamic policy controls, resulting in algorithms that are auditable and compliant.”
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