Ethyca, a prominent New York-based data privacy and AI governance platform, has successfully raised $10m in a new funding round.
According to Security Week, this investment increases the total capital raised by the company to over $37m since its inception.
The round was led by Aspenwood Ventures and AVP, with significant contributions also coming shortly after Ethyca expanded its client base to include notable names such as Axios, Mozilla, Ramp, and Remitly.
Founded in 2018, Ethyca has developed an enterprise platform that enhances data visibility and governance and seamlessly integrates with widely-used SaaS solutions. The company’s standout offering, the Fides open source platform, empowers organizations to identify personally identifiable information (PII) within their systems and create GDPR-compliant data maps for efficient privacy management.
The platform is specifically designed to assist organizations in managing their data inventories through automated system mapping. This helps maintain compliance with consent management across all data workflows and ensures that AI models adhere to privacy regulations. Furthermore, Ethyca provides streamlined, automated processes for privacy requests and offers easy-to-configure integrations for various systems and vendors, thereby reducing costs and minimizing risks.
With the fresh capital, Ethyca plans to enhance key product features and expand its team to meet the growing demand for its robust, enterprise-grade platform.
Ethyca CEO Cillian Kieran highlighted the company’s commitment to addressing the paramount challenges in data governance. “At Ethyca, we’re tackling the most critical challenges in data governance—ethics and trust when it comes to data privacy, and all the compliance needs associated with it,” he stated.
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