Privitar, a data privacy platform, has bagged $80m in its Series C round, coming less than a year after it closed its former round.
Private equity firm Warburg Pincus led the round, with additional support coming from Accel, Partech, IQ Capital, Salesforce Ventures and ABN AMRO Ventures.
The RegTech platform plans to use the fresh equity to accelerate the development of its data privacy platform, increase innovation and support its growth initiatives. Funds will also be used to support international expansion and hiring staff for its sales, services and product development teams.
Last year, the RegTech closed a $40m Series B from investors including Accel, Partech, Salesforce Ventures, 24Haymarket and IQ Capital.
Privitar is a data analytics platform which helps companies to protect and manage their sensitive data. Its solution is capable of accelerating and automating the provision of privacy-preserving data to help its customers extract more business value from their data to create deeper insights.
The platform ensures compliance with regulations like GDPR, lets clients control how datasets are lined and where they go, and reduces privacy risk through policy-based tools to remove privacy attacks.
The investment comes after a strong period of growth for Privitar, which culminated in it tripling its annual recurring revenue year-over-year.The company also grew its headcount by 80% and opened offices in Austin, Boston, Singapore and Warsaw.
Warburg Pincus managing director Cary Davis said, “The advent of data privacy regulations such as GDPR and CCPA, combined with the increasing importance of data analytics in the enterprise, has created a growing need for a privacy solution that protects sensitive data while still retaining its business value.
“We believe that Privitar is best positioned to help companies address this challenge, with a leading platform that has been successfully deployed at some of the largest and most discerning enterprise customers across financial services, healthcare, and other industries.”
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