Data privacy platform closes $80 million Series C funding round

A series of venture capital firms, technology companies and global banks have joined the latest fundraising round by Privitar, a data privacy platform provider.

Warburg Pincus, a private equity firm, led the round, with participation from Accel, Partech, IQ Capital, Salesforce Ventures and ABN AMRO Ventures

The investment comes less than a year after a $40 million Series B funding round led by Accel in June 2019.

Privitar is working with leading enterprise customers such as HSBC, Citi, the UK’s National Health Service and AstraZeneca to manage and automate the enforcement of data privacy policies on modern platforms.

Last year, it established new offices in Austin, Boston, Singapore, and Warsaw to support customers globally, increased its headcount more than 180 employees.

 “The Privitar platform enables our customers to unlock and use their data to create better products and services while minimizing friction and risk,” said Jason du Preez, CEO of Privitar. “Large enterprises in regulated industries like financial services and healthcare have been early adopters of data privacy solutions, but all companies should look for ways to use data more safely and more effectively.

“Managing sensitive data at enterprise scale and complexity is a real challenge for even the most sophisticated data organizations. By automating the enforcement of data protection strategies, Privitar’s platform makes this achievable in any data-driven organization. We are excited to partner with Warburg Pincus as we continue to pioneer the category,” he added.

Warburg has invested more than $17 billion in technology companies and is one of the most active growth investors in cybersecurity. Recent notable investments include CrowdStrike, Contrast Security, and BitSight.

“The advent of data privacy regulations such as GDPR and CCPA, combined with the increasing importance of data analytics in the enterprise, has created a growing need for a privacy solution that protects sensitive data while still retaining its business value. We believe that Privitar is best positioned to help companies address this challenge,” said Cary Davis, Managing Director at Warburg Pincus.