Data privacy company Active Navigation has collected $11m in funding which will help it expand internationally.
The round was led by venture capital firm Mobeus. In conjunction with the deal, Mobeus partner Trevor Hope will join the Active Navigation board of directors.
With the round under its belt, the RegTech is looking to further the development efforts of its product, scale operations and continue its international growth plans.
A new office in New York and Los Angeles are set to open soon in a bid to support this growth. This will see it increase its headcount and its partners.
As the global market looks to deepen data privacy rules, with the likes of the general data protection regulation (GDPR), the California Consumer Privacy Act (CCPA) and similar impending regulations, businesses need to improve the way they handle data.
Active Navigation offers data privacy and governance software which helps businesses map, clean, classify, quarantine and delete redundant, obsolete and trivial data. The
Active Navigation CEO Peter Baumann said, “Consumers are demanding better protection of their personal information. As a result, there is a pressing need for companies to prioritize data privacy in all their business operations.
“Active Navigation has an exciting opportunity in front of it, which was the catalyst for this infusion of capital. This investment will help us to advance product development and scale rapidly to support our customers with data mapping, data minimization and regulatory compliance.”
The company’s clients base includes Voya Financial, United States Marine Corps and BAE Systems.
Copyright © 2019 FinTech Global
