Relyance AI, a leader in AI-powered data governance, announced a significant $32.1m Series B funding round led by Thomvest Ventures, with substantial contributions from M12, Microsoft Ventures Fund.
Cheyenne Ventures, along with existing investors Menlo Ventures and Unusual Ventures, also participated.
The company has carved a niche in providing an integrated platform that ensures full visibility and control over data within the enterprise sphere. Relyance AI’s innovative approach has become crucial as companies increasingly rely on AI technologies, compelling them to adhere to stringent global data protection regulations.
With the fresh influx of capital, Relyance AI is poised to enhance its platform significantly and expand its market efforts.
Additional insights from the company reveal that Relyance AI has successfully grown its enterprise customer base by 30% in the first half of the year alone. This growth trajectory is expected to continue, with projections pointing to a doubling of its annual recurring revenue by 2024. High-profile clients such as Coinbase, Fivetran, Verkada, Snowflake, Logitech, Plaid, and Notion underscore the platform’s critical role in enterprise data management.
Abhi Sharma, CEO and co-founder of Relyance AI, said, “We’re thrilled to lead the investment in Relyance AI, a unique, automated data governance platform that addresses the urgent need for real-time data visibility and compliance in a world of explosive data growth and emerging regulations.
“Relyance AI empowers Chief Privacy, Security, and Information Officers to manage data privacy and compliance, avoiding costly penalties while driving safe and responsible AI adoption. We are excited to partner with CEO Abhi Sharma and his team, who have built a solution that transforms compliance into a competitive advantage, enabling businesses to scale AI with trust and transparency.”
Thomvest Ventures’ Managing Director, Umesh Padval, said, “We’re thrilled to lead the investment in Relyance AI, a unique, automated data governance platform that addresses the urgent need for real-time data visibility and compliance in a world of explosive data growth and emerging regulations.
“Relyance AI empowers Chief Privacy, Security, and Information Officers to manage data privacy and compliance, avoiding costly penalties while driving safe and responsible AI adoption. We are excited to partner with CEO Abhi Sharma and his team, who have built a solution that transforms compliance into a competitive advantage, enabling businesses to scale AI with trust and transparency.”
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