Ethyca plans to go open source after fresh investment

Data privacy software company Ethyca has reportedly collected $7.5m in fresh funding, as it looks to make its tools open source.

This move is designed to empower developers to embed privacy tools and monitoring mechanisms directly into their code, according to a report from The Irish Times.

Lee Fixel, LGF and Table Management supported the funding round.

Capital from the investment will also be used to double its headcount, which is currently 44 people strong.

Ethyca is a privacy and compliance platform that is designed to help teams safeguard their data. Dev teams can implement data privacy into their systems through simple code. Its use cases include privacy-as-a-code, data mapping and privacy requests.

The RegTech company previously raised $13.5m in a funding round in June 2020. The round investors included IA Venture, Abstract Ventures SciFi VC, CAA co-founder Michael Ovitz and many others.

Data privacy regulations like GDPR and CCPA have helped a boom in RegTech companies offering these types of services. Another recent RegTech company in the sector to recently closed funding was Skyflow, which had netted $45m in its Series B in late October.

Sjyflow is aimed at simplifying and streamlining consumer data privacy through APIs that enable designed tools to easily be implemented within existing infrastructure.

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