Watchdogs have begun to address the issue that new work practices and online activities required by the spread of the coronavirus pandemic are creating new privacy, security, and data protection challenges. Today, a startup is announcing a growth round to help online businesses better solve these problems.
DataGuard, a Munich-based startup that offers “GDPR-as-a-Service” – essentially a cloud-based platform that online companies can use to analyze customer data to ensure that they comply with various regional regulations and best practices Compliance with data protection The processing of activities, the provision of options and suggestions for improving compliance with data protection regulations, and the ability to change the IT infrastructure and internal processes to do so have raised $ 20 million with which the Company will continue to expand its business across Europe and America and continue to invest in the expansion of its technology.
The funding comes from a single investor, London’s One Peak, and is the company’s first external funding. We ask, but it looks like DataGuard is not going to announce its rating this round.
The news comes at a critical time in the world of risk finance. We see a mix of deals that were either closed or nearing completion before the worst of the pandemic raised its ugly head (meaning: some deals are only put on hold, zoom meeting or not); or be done specifically to promote business continuity after all the interruptions in normal life (that is, the business is too interesting not to support it); or close specifically because the startup has created something that will show how useful it will be in the coming months.
As with the strongest financing rounds, DataGuard is divided into some of these categories.
On the one hand, it showed a demand for its services before each of these hits. Today, the startup offers data protection services for small and medium-sized companies as well as for larger companies and has gained 1,000 customers since it started in 2017.
“Millions of companies strive to comply with data protection regulations such as GDPR or CCPA,” said Thomas Regier (picture left), who founded the company together with Kivanc Semen (right), in a statement.
“We are excited to partner with One Peak to help many more companies around the world comply with and comply with data protection regulations. Our Privacy-as-a-Service solution gives customers access to a proprietary full stack platform and services from a dedicated team of data protection professionals. In this way, customers gain insight into their data processing activities and can operationalize data protection and compliance throughout the company. “
Regier informs us that the company was limited to 100 employees, which also underlines the currently particularly attractive capital efficiency of the company.
On the other hand, the shift in wholesale to more online and remote work combined with a huge increase in online traffic caused by more people staying at home to increase the number of new Covid 19 cases reduce, much more traffic and stress testing websites, apps and other online services.
“We have a truly horizontal product that has the potential to become an integral part of the tech stack in businesses and SMEs,” said Semen in a statement. “We will use the funds to implement our product roadmap. We will achieve this in two ways: by increasing the level of automation, by improving the machine learning functions in our data protection software suite and by accelerating the development of new product categories. “
DataGuard is one of several startups founded to help companies navigate the waters of data protection regulations. These are usually not the core competencies of companies, but are an essential part of their online business (and should be).
Others include OneTrust, which also helps companies deploy and implement better privacy policies. and InCountry, which focuses specifically on providing services that help businesses understand and comply with data protection policies that vary from region to region. OneTrust posted a valuation of $ 1 billion last year, indicating the tremendous opportunity and demand in this area.
OnePeak believes that DataGuard’s adoption of the proposal is one of the more effective and efficient reasons the team is supported. “We are delighted to support the first-class DataGuard founding team,” said David Klein, co-founder and managing partner of One Peak, in a statement. “We are convinced that DataGuard’s state-of-the-art software suite, combined with the comprehensive range of services, offers both companies and SMEs an end-to-end solution that fully meets their data protection requirements.”