Transcend, a next-generation data privacy platform, has announced the successful raising of $40m in Series B funding.
The funding round was led by new investor StepStone Group, with participation from HighlandX and existing investors Accel, Index Ventures, 01 Advisors, Script Capital, and South Park Commons. This brings Transcend’s total raised to nearly $90m.
The company, known for its innovative approach to data privacy, offers a comprehensive Privacy and AI Governance suite comprising 12 products. These solutions transform how enterprises manage personal data, automate privacy tasks, assess risks, and oversee AI systems.
Transcend’s latest funding will be used to enhance its platform, which integrates privacy controls directly into business systems. The platform covers the full privacy lifecycle, including data discovery and classification, consent and preference management, and automation of operational workflows like data deletion and access requests.
Transcend’s CEO, Ben Brook, highlighted the challenges companies face with legacy privacy solutions. “Trying to solve today’s privacy challenges with legacy platforms is like throwing a glass of water at a house fire—it’s hopeless.
“This month marks the sixth anniversary of GDPR, and we’re in the middle of another wave of comprehensive legislation with the EU AI Act and a draft U.S. federal privacy law. Yet privacy remains a fundamentally unsolved problem inside companies. Most have neither a clear view of their data, nor effective privacy controls installed directly into their systems. And now, new AI use cases are kicking this problem right up to the boardroom door.”
Keep up with all the latest FinTech news here.
Copyright © 2024 FinTech Global
