Data privacy and compliance software company Egress has secured $40m in its Series C round of funding.
The round was led by FTV Capital, with commitments also coming from existing backer AlbionVC. As part of the deal, FTV partner Kyle Griswold will join the Egress board of directors.
Egress uses AI technology to help enterprises protect their unstructured data and maintain compliance with regulations such as GDPR, the NYDFS Cybersecurity Regulation, and the California Consumer Privacy Act. Its services help to protect emails and missent emails, complete auditing and compliance processes, collaborate and share data online, submit data securely and classify data.
Financial institutions utilise the platform to encrypt communications, both internally and externally, and to maintain transparency through audits.
The company is hoping to use the capital to aid its growth across the European and North American markets. Capital will also be used to accelerate the development of new technology solutions on its data security platform.
Egress CEO and co-founder Tony Pepper said, “Today’s heightened security threats, combined with an increasingly complex regulatory landscape, means that organizations face considerable risk from data breaches, resulting in reputational damage and significant financial loss.
“At Egress, we help businesses mitigate this risk by wrapping security around the user and managing their experience using machine learning and AI. This risk-based approach helps users avoid potential mistakes, such as sending information to the wrong recipients, and provides security administrators with insight into behavioral anomalies across the business.”
Earlier in the year, FTV Capital invested $54.5m into cybersecurity and regulatory compliance provider A-LIGN. The company offers assessments, audits and cyber risk advisory and testing services for a range of small-medium sized businesses and large enterprises.
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