Data privacy platform Privitar has raised an additional $7m for its Series C round, having initially closed the round on $80m in April.
The fresh capital burst was supplied by HSBC. This investment will also expand the existing relationship between the two businesses, which has seen HSBC been a customer of Privitar for four years.
Privitar CEO said Jason du Preez said, “Given that HSBC was our first customer, our relationship with the bank has always been an important one.
“HSBC provided important feedback in the early days of our product development, and we’ve successfully expanded our relationship with the bank over the last four years as our platform has evolved. HSBC’s investment is indicative of the impact that we’ve had on their business, and the opportunity that exists for us to help data-driven organizations worldwide with sensitive data management and data privacy.”
Privitar secured $80m in its original Series C round back in April. Contributions came from private equity firm Warburg Pincus led the round, with additional support coming from Accel, Partech, IQ Capital, Salesforce Ventures and ABN AMRO Ventures.
With the close of the round, the company said it increase the development of its data privacy platform, increase innovation and support its growth initiatives. Additionally, it would use capital to aid its international expansion and hiring staff for its sales, services and product development teams.
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.
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