Irish RegTech platform Dataships has reportedly raised $3m in a seed funding round.
US-based investors Urban Innovation Fund and Lavrock Ventures served as the co-lead investors, according to a report from The Irish Times. Other commitments to the round came from FL Partners co-founder Peter Crowley and entrepreneur Tony Smurfit.
This burst of funds will help Dataships hire more staff. The FinTech company also stated it will raise a new funding round next year to continue its growth plans.
DataShips was founded by Michael Storan and Ryan McErlane in 2019 to help small and medium-sized enterprises comply with data regulations, such as the General Data Protection Regulation and the California Consumer Privacy Act.
Its technology helps a company build a privacy centre to simplify the compliance of global data protection regulations. The platform helps a company build policies for privacy, cookies, security data processing, and more, as well as automate the updates for these policies with changing rules.
Dataships differentiates itself from other data privacy focused RegTech providers as they typically focus on the larger enterprises, Storan stated.
Storan told The Irish Times, “We want Dataships to become the de facto way in which companies comply with different legislation and that consumers can view their information. This is a lofty goal and in order to achieve it we’ll have to do multiple rounds of funding.”
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