Branson family-backed start-up raises $6.5m for data privacy tech
Soveren, a tech company that helps businesses detect data privacy risks, has announced a $6.5 million seed round, including investment from the Branson family.
10 million companies around the world are at risk of violating GDPR and other regulatory obligations because of their failure to detect and resolve privacy incidents and risks. Security software successfully addresses security threats, but has a limited impact on addressing privacy issues. This is because – unlike other confidential data that can be easily isolated and sealed – personal data is actually meant to be accessed, used and shared in day-to-day business operations.
Businesses collect and process an ever-growing volume of sensitive personal data, but they are still poorly protected from privacy incidents and compliance violations – and the resulting financial and brand damage. Soveren was founded to tackle this challenge and shift privacy from statements on paper to continuous, automated privacy as an engineering discipline.
Holly Branson, Virgin’s Chief Purpose and Vision Officer, said: “At Virgin, our customers mean everything to us and treating them with respect and with world class service is at the core of the entire Virgin ethos. The way we handle their personal information is an important extension of this and something we take very seriously. As a family we are delighted to be investors in Soveren, whose mission and innovative technology will enable many more businesses to become better stewards of personal data.”
Soveren's technology strengthens existing security measures and provides protection from financial and brand damage caused by privacy incidents. Privacy incidents are things such as undetected API access to personal data, or storing personal data in systems that were not designed to keep it safe. These incidents and more would be fully preventable with Soveren.
“Privacy is the new Security. Engineering and Security teams demand automated, functional, and easy-to-install Privacy solutions as their bandwidth for anything else is severely limited. Soveren provides the much needed simplicity in privacy compliance,” Peter Fedchenkov, Founder and Co-CEO of Soveren, said.
Visit Soveren to find out more.