DataGrail has always focused on helping companies comply with the growing world of privacy regulation, creating plugins for popular data-intensive applications to help automate data discovery and compliance.
Today, it builds on that with a new automated risk monitoring solution that helps companies quickly build third-party application risk assessments. While they’re at it, the startup also announced a $45 million Series C investment.
Daniel Barber, the company’s CEO and co-founder, says the product has generally evolved into a data privacy control center where customers can gain a better understanding of their customers’ data privacy requirements.
“We have seen the market move towards the need to control [privacy] Because companies have been largely out of control in terms of how they manage privacy, while consumers expect control. Indeed, Barber explained, this thesis is about the need for a privacy control center.
To help, the company has more than 1,400 plugins, up from 900 when we spoke last year, that help monitor what types of data are collected and how data travels across applications within the company.
He said they built the new risk monitoring tool as a way to take advantage of the company’s understanding of these data flows and the risks involved. “We’re announcing this product called Risk Monitor, and what we’re really talking about here is part of the regulatory requirements, many of which require companies to do risk assessments,” he said.
The tool is designed to help build these assessments, known as Data Protection Impact Assessments (DPIAs), in an automated manner, reducing the amount of labor involved to build a Personal Data Impact Assessment on the data used in a particular tool. This reduces the workload of privacy managers, while showing others within the company what good privacy practices look like.
“What we have done is using our 1400 plus integrations and the current information we know about the risks and third party risks associated with these applications, we can automatically populate and create smart workflows. [DPIA process] Here to reduce the number of people involved and wanted in the privacy program, with an effective focus on that risk.”
Despite the economic uncertainty that exists today, Barber says the company has grown its revenue 3 times since we spoke in March 2021 at the time of announcing his $30 million Series B company.
It has also grown from 40 employees since last year to more than 100 employees today with plans to possibly double that next year buoyed by new capital from Series C investment. He says that as he builds the workforce, he’s focused on building a diversified and inclusive company.
“It’s kind of built into the company’s DNA from the start. So at the board level, we have equal women and men on the board, which is quite unusual for boards to have equal representation by gender, and we have equal representation at the executive level as well. They also have gender parity at the management level.While recognizing that there are many dimensions to diversity, he has achieved gender diversity at all levels of the company.
As for the $45 million Series C, it was led by Third Point Ventures with participation from Thomson Reuters Ventures and Sixty Degree Capital along with former investors Felicis Ventures, Operator Collective, Next47, Cloud Apps Capital and other unnamed investors. The startup has now raised more than $84 million.
Originally published at San Jose News Bulletin
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