Securiti.ai scores $50M Series B to modernize data governance
Securiti.ai, a San Jose startup, is working to bring a modern twist to data governance and security. Today the company announced a $50 million Series B led by General Catalyst with participation from Mayfield.
The company, which only launched in 2019, reports it has already raised $81 million. What is attracting all of this investment in such a short period of time is that the company is going after a problem that is an increasing pain point for companies all over the world because of a growing body of data privacy regulation like GDPR and CCPA.
These laws are forcing companies to understand the data they have, and find ways to be able to pull that data into a single view, and if needed respond to customer wishes to remove or redact some of it. It's a hard problem to solve with customer data spread across multiple applications, and often shared with third parties and partners.
Company CEO and founder Rehan Jalil says the goal of his startup is provide an operations platform for customer data, an area he has coined PrivacyOps, with the goal of helping companies give customers more control over their data, as laws increasingly require.
"In the end it's all about giving individuals the rights on the data: the right to privacy, the right to deletion, the right to redaction, the right to stop the processing. That's the charter and the mission of the company," he told TechCrunch.
You begin by defining your data sources, then a bot goes out and gathers customer data across all of the data sources you have defined. The company has links to over 250 common modern and legacy data sources out of the box. Once the bot grabs the data and creates a central record, then humans come in to review the results, make any adjustments and final decisions on how to handle a data request.
It has a number of security templates for different kinds of privacy regulations such as GDPR and CCPA, and the bot finds data that must meet these requirements and lets the governance team see how many records could be in violation or meet a set of criteria you define.
Securiti.ai data view. Screenshot: Securiti.ai (cropped)
There are a number of tools in the package including ways to look at your privacy readiness, vendor assessments, data maps and data breaches to look at data privacy in broad way.
The company launched in 2019, and in just 5 months has already grown to 185 employees, a number that is expected to increase in the next year with the new funding.