Existing investors–Together Fund and Emergent Ventures also participated in the funding round
The funding will be used to enhance Privado’s technology stack, scale team and grow its open-source community
The latest development comes after Privado secured $3.5 Mn funding in January this year
Data Security Startup Privado has raised $14 Mn in its Series A funding round co-led by Insight Partners and Sequoia Capital India.
Existing investors–Together Fund and Emergent Ventures also participated in the funding round.
The funding will be used to enhance Privado’s technology stack, scale team and grow its open-source community.
“Privado has created an intuitive platform that allows data and engineering teams to ensure all development changes are privacy compliant in real-time. With its experienced team ,Privado has made a name for itself in the DevSecOps space,” said Nikhil Sachdev, managing director at Insight Partners.
The latest development comes after Privado secured $3.5 Mn funding in January this year.
Founded in 2020 by Jasdeep Cheema, Prashant Mahajan, and Vaibhav Antil, Privado primarily addresses privacy issues faced by businesses around the world. The startup operates an open-source code scanning platform that identifies data usage, discovers data flows and flags privacy issues such as excessive user permissions and data leakages.
Privado claims to have resolved over 600K privacy solutions for companies including Thrasio and Zego, among others. Its founding team has previously led product and engineering teams of tech companies.
“Current tools fall short because they sit outside the development lifecycle where decisions on data collection, and sharing are made,” commented Vaibhav Antil, cofounder and CEO at Privado.
In India’s data security market, it faces competition from the likes of Seclore and other tech giants such as Microsoft, Ionic, Fascoo, Cisco, Alchetron and Aurionpro.
As per a report, the country’s data security industry is projected to reach $21 Bn by 2025, growing at a CAGR of 16% between 2020 and 2025.
Taking into account the country’s stance on data protection, the Centre is yet to roll out a new data protection bill. The central government recently reported to be setting up a grievance redressal mechanism for distressed individuals under the novel data bill.
Earlier this month, the government took down the Personal Data Protection Bill 2021 after 81 amendments were proposed by a joint parliamentary committee.
