Data protection company Ethyca has raised $13.5m

From: RegTech Analyst

RegTech startup Ethyca has bagged $13.5m in a new investment round as it continues to develop its product that automates data privacy compliance.

For instance, the company helps businesses stay abreast of their California Consumer Privacy (CCPA) and General Data Protection Regulation (GDPR) obligations.

The long list of backers behind the new raise includes IA Venture, Abstract Ventures SciFi VC, CAA co-founder Michael Ovitz, Warby Parker co-founders Neil Blumenthal and Dave Gilboa, shaving company Harry’s co-founder Jeff Raider, Allbird’s co-founder Joey Zwillinge, and Behance co-founder Scott Belsky, according to TechCrunch.

“Companies can no longer simply strive to be compliant and get by – enterprises need to think long-term and show their customers that they can be trusted with their data,” said Roger Ehrenberg of IA Ventures in a statement seen by TechCrunch. “Forward-thinking companies have recognised the value of Ethyca’s product to their bottom line as you can see from looking at the growing set of blue-chip brands and technology customers so far.”

This latest cash injection brings the total funding raised by Ethyca to $20m. The news comes on the back of the data privacy automation service raising $4.2m in a funding round in July 2019.

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