Data privacy startup company Ethyca raised $13.5 million in the recent Series A funding round. The multimillion investment comes as the firm gears up to provide data privacy automation and compliance for businesses. According to Silicon Republic, Ethyca has successfully raised a total of $20 million.
Among the investors for the Series A investment round includes Abstract Ventures, Behance co-founder Scott Belsky, IA Ventures, Michael Ovitz, SciFi VC, and Warby Parker co-founders Neil Blumenthal and Dave Gilboa.
Harry’s co-founder Jeff Raider, Joey Zwillinge from Allbirds, Lachy Groom, as well as former Chief Data Scientist of the United States Office of Science and Technology Policy DJ Patil also financially supported the startup.
The funding round comes as Ethyca established a new platform that aims to tackle the complexities and nuances of data privacy and compliance. It seeks to provide a protective compliance layer that’s faster and more efficient compared to CCPA and GDPR.
Meanwhile, the startup firm will also be launching its newest self-service product geared towards smaller businesses that can be enacted on its by following the automated process.
Founded in 2018 by Cillian Kieran and Miguel Burger-Calderon, Ethyca was initially created to help drive in data privacy and compliance to companies via its API tools. Businesses who availed of their services will be given the chance to “create permissions, reporting, and analytics,” notes Tech Crunch.
Under this, partner merchants and businesses are reportedly allowed to discover and gain access to sensitive data, which in turn gives customers access to edit or delete information from respective systems.
In a statement to the Silicon Republic, chief executive officer of the company Cillian Kieran said, “Right now companies are concerned with applying a ‘band aid’ for the likes of GDPR and CCPA to avoid risk of fines, but are not thinking holistically about what our industry is facing.”
“Not only is it necessary to comply with the increasingly complex web of privacy regulations globally, but it’s more and more important to consumers that the services they use respect and manage their data ethically,” continued Kieran.
Today, Ethyca works with a number of big companies and businesses in the industry, ranging from banks and of course, major tech firms that want their identity protected.
Besides helping these businesses map personal data within their respective systems, Tech Crunch reports that Ethyca also provides a more systematic workflow for the firm. Moreover, the startup also ensures that new products from these big companies comply with respective data policies.
Apart from well-known institutions, the company also works with brands such as Away, Aspire IQ, and Parachute Home by providing its premium product, Ethyca Pro+, states Silicon Republic.
