Privitar bags $40m Series B led by Accel

Data privacy company Privitar has bagged $40m in its Series B funding round which was led by global venture capital firm Accel.

Other participation to the round came from venture capital firms including Partech, Salesforce Ventures, 24Haymarket and IQ Capital. As part of the deal, Privitar’s board of directors Seth Pierrepont will join the Privitar board of directors.

These proceeds will cement its position in the market and allow it to pursue developments in its privacy engineering products. Additional services will include a set of tools which let customers publish and share valuable data-driven insights in a trustworthy and compliant manner.

London-based Privitar builds data-privacy solutions to help organisations protect sensitive data and safely leverage it to generate insights. Its solution is capable of accelerating and automating the provision of privacy-preserving data to help its customers extract more business value from their data to create deeper insights.

The platform ensures compliance with regulations like GDPR, lets clients control how datasets are lined and where they go, and reduces privacy risk through policy-based tools to remove privacy attacks. Its clients include HSBC, the UK’s NHS and BT among others.

Privitar CEO Jason du Preez said, “The world is increasingly aware of the importance of protecting private information and privacy engineering is becoming intrinsic to the way organizations manage and share data.

“This investment will enable us to scale rapidly in response to global demand and help our customers realise the enormous benefits of data-driven decision making, much faster and with less risk.”

The investment comes shortly after Privitar closed a minority strategic investment from Citi. The undisclosed investment was made to support the international expansion of the platform with a focus on the US market. It also marked acknowledgement of growing importance of data privacy.

The company closed its Series A on $16m in 2016, with investments coming from Partech Ventures, IQ Capital, 24Haymarket and Illuminate Financial.

Earlier in the year, Accel held the $575m final close for its sixth early-stage fund which targets companies in Europe and Israel.