Privado raises $14 million in Series A Funding to Embed Privacy in Software Development
Delaware, US
|
August 26, 2022 10:41 AM Eastern Daylight Time
Data privacy start-up Privado announced today that it has raised $14M Series A round co-led by global software investor Insight Partners and Sequoia Capital India, with participation from existing investors Together Fund & Emergent Ventures. This comes on the heels of Privado’s seed raise of $3.5M in January 2022. The funding will be used to enhance Privado’s technology stack, build out the team and grow its open-source community.
Founded in 2020, Privado was created to address the privacy issues facing businesses around the world. Privado is an open-source code scanning solution purpose-built for privacy that identifies data usage, discovers data flows & flags privacy issues like excessive user permissions or data leakages to logs. The company connects with source code management tools like GitHub and provides instant visibility into data flows to privacy teams which otherwise would have taken months of back & forth with developers. Privacy teams can also enforce their public-facing privacy policies in code, helping them avoid fines. Privado currently manages over 600,000 code commits for companies like Thrasio and Zego & many more.
After the enactment of GDPR, businesses rushed to map existing data footprint with survey and data discovery tools. They soon realized that new software development continued to increase the scope of data collection & usage leading to continued firefighting. “Current tools fall short because they sit outside the development lifecycle where decisions on data collection, and sharing are made,” commented Vaibhav Antil, co-founder and CEO at Privado.
“With our privacy code scans, engineers and privacy teams get instant visibility into personal data usage by their products and applications, can monitor personal data flows, and find privacy risks that exist in the code from leakage to logs. The new funding will allow us to further our mission of embedding privacy into software development, and we’re excited to partner with Insight Partners and Sequoia Capital India on this journey” added Vaibhav Antil.
“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 of founders and innovative architecture, Privado has already made a name for itself in the DevSecOps space,” said Nikhil Sachdev, Managing Director at Insight Partners. “We look forward to partnering with the team at Privado as they continue to grow and scale up.”
“Privacy and data are two sides of the same coin. Data has been one of the biggest trends in the last few years and it’s only a matter of time before privacy catches up. Privado is well-positioned to capture this opportunity. It is a part of the Shift Left movement whereby it is empowering developers to incorporate privacy at the time of developing products and thus preventing costly compliance breaches in the applications they develop. We’re impressed by the customer feedback and are thrilled to be a part of their mission.” Abhishek Mohan, Principal, Sequoia India.
In addition to the code scanning solution, Privado has launched a free tool for Android developers to generate Play Store Data Safety reports. This popular initiative has attracted a wide range of developers from companies like Automattic and Blinkist who have generated over 2000 reports to understand the data collection and sharing practices of mobile apps. Privado is extending this tool to a full-fledged open source privacy code scanning project.
Prior to starting Privado, co-founders Jasdeep Cheema, Prashant Mahajan, and Vaibhav Antil worked in tech companies in product & engineering teams where they saw the challenges of GDPR compliance firsthand. The idea of a privacy code scanner came when they spent months interviewing product & engineering teams of an e-commerce company but still struggled to figure out data usage & how it is changing with new software releases.
About Privado
Privado is an open-source static scanning tool that provides privacy & security teams visibility into data flows from applications & helps developers fix privacy vulnerabilities in their product like personal data leakages to logs. Founded in 2020, Privado has enabled Zego, Thrasio & many more enterprises to embed privacy checks in their Software Development Life Cycle. For more information please visit https://www.privado.ai/
About Insight Partners
Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of February 24, 2022, the closing of the firm's recent fundraise, Fund XII, brings Insight Partners' regulatory assets under management to over $90B. Insight Partners has invested in more than 700 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and Palo Alto. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Insight Partners meets great software leaders where they are in their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com
About Sequoia Capital India & Sequoia Capital Southeast Asia
Sequoia helps daring founders build legendary companies, from idea to IPO to beyond. Sequoia Capital India and Sequoia Capital Southeast Asia actively partner with founders from a wide range of companies, across categories, including BYJUs, CRED, Druva, Five Star Finance, Freshworks, GoTo, Groww, Kopi Kenangan, Mamaearth, Pine Labs, Polygon, Razorpay, Truecaller, Zomato and more.
We spur founders to push the boundaries of what's possible. In partnering with Sequoia, startups benefit from over 50 years of tribal knowledge and lessons learned working with companies like Airbnb, Alibaba, Apple, Dropbox, Google, LinkedIn and Stripe early on.
From the beginning universities, endowments, and other non-profits have been the backbone of our investor base which means founders' accomplishments make a meaningful difference. For more information on Sequoia's work in India and Southeast Asia visit sequoiacap.com/India and sequoiacap.com/sea.
Contact Details
Privado
Bilal Mahmood
+44 7714 007257
b.mahmood@stockwoodstrategy.com
Company Website
