The company analyzes real-time data flows within an organization’s infrastructure to discover and detect personal data. privacy With the CTO CISO To recognize and address privacy gaps. Soveren states that nearly 10 million companies worldwide are at risk of violating the GDPR and other regulatory obligations due to the failure to detect and resolve privacy incidents.
“Security software responds well to security threats, but has only a limited impact on addressing privacy challenges,” said Peter Fedchenkov, founder and co-CEO. Sovereign, Tell TechCrunch. “This is because, unlike other sensitive data that can be easily separated, personal data is actually intended to be accessed, used, and shared in our daily work. Privacy is the same automated and continuous. We believe it is new security because it requires protective measures. “
Fedchenkov says Soveren’s idea came from his personal experience in the e-commerce sector. “Today, I’ve manually seen how good complex data protection and privacy compliance is. It takes more time, money, and effort than it really is.”
Sovern has secured 10 lighthouse customers across North American and European software, e-commerce, travel, fintech and healthcare.
The company is currently planning to expand its business globally after securing a seed investment of $ 6.5 million. First Minute Capital With the participation of Northzone, with 11 unicorn founders, including Airbnb Mulesoft, Sir Richard Branson’s family, and a few global CEOs, including Nikesh Arora, Chairman and CEO of Palo Alto Networks.
Fedchenkov states that Soveren will use the money to expand its product team and invest in sales and marketing in the first place. “We haven’t done anything marketing yet, so we definitely want to double that,” he told TechCrunch.
Soveren launches from stealth with $6.5M seed funding to automate GDPR compliance – TechCrunch Source link Soveren launches from stealth with $6.5M seed funding to automate GDPR compliance – TechCrunch