Jason du Preez
Privacy engineering software company Privitar has announced that it has raised £12m in a Series A funding round.
The funding round was led by Partech Ventures with participation from CME Ventures and Salesforce Ventures. Existing investors IQ Capital, 24Haymarket and Illuminate Financial have reinvested.
Privitar will use the funds to accelerate the delivery of its product roadmap and core IP. The firm will also look to build on sales success in Europe with expansion to the United States and other key geographies.
Jason du Preez, CEO, Privitar, said: “Advanced analytics and machine learning applications are fuelled by data, which is often sensitive.
"Privitar’s software enables our customers to innovate rapidly while maintaining an uncompromising approach to data privacy.
"We believe the use of technological controls to protect privacy is essential to preserve customer trust in the data-driven economy.”
Jean-Marc Patouillaud, managing partner, Partech Ventures, said: “Data-driven decision making and intelligence is becoming critical for all businesses.
"Firms cannot afford to compromise on privacy protection given the potential consequences to brand and reputation.
"We have decided to invest in Privitar because we see them as an excellent option for organisations that want to get the most of their data while ensuring full customer trust.”
Privitar currently operates across several industry verticals including financial services, telecommunications, pharmaceutical and government.
Customers are using Privitar’s software to make sensitive data available internally for advanced analytics and machine learning, to enable collaboration with third parties, and to safely accelerate the adoption of cloud computing.