Soveren, a London-based startup that automates privacy risk detection to help organizations comply with GDPR and CCPA, has stealthily launched with $ 6.5 million in seed funding.
The company analyzes real-time data flows within an organization’s infrastructure to uncover personal data and detect privacy risks to make it easier for CTOs and CISOs to recognize and address issues. confidentiality gaps. Soveren says some 10 million businesses worldwide are at risk of violating GDPR and other regulatory obligations due to their inability to detect and resolve privacy incidents.
“Security software successfully addresses security threats, but has limited impact on resolving privacy issues,” Peter Fedchenkov, Founder and Co-CEO of Sovereign, TechCrunch said. “Indeed, unlike other confidential data which can be easily isolated, personal data is in fact intended to be viewed, used and shared in the course of day-to-day business operations. We believe privacy is the new security because it demands the same automated and ongoing safeguards. “
Fedchenkov said that Soveren’s idea came from his personal experience in the e-commerce industry. “We have seen with our own eyes how important manual and complex data protection and privacy compliance is today. It takes more time, more money, and more effort than it really should.
Sovern has so far secured 10 flagship clients in software, e-commerce, travel, fintech and healthcare in North America and Europe.
The company now plans to expand globally after securing an initial investment of $ 6.5 million, led by Firstminute Capital with participation from Northzone, 11 unicorn founders including Airbnb and Mulesoft, Sir Richard’s family. Branson and a handful of global CEOs including Nikesh Arora, Chairman and CEO of Palo Alto Networks.
Fedchenkov said Soveren will initially use the funds to expand its product team and invest in sales and marketing. “We haven’t done anything on the marketing side yet, so we absolutely want to double that,” he told TechCrunch.