Data privacy platform Privado secures $14M in Series A funding from Sequoia India, others
- ByStartupStory | August 25, 2022
Privado, based in Dover, Massachusetts, has announced a $14 million Series A round of funding sponsored by Insight Partners & Sequoia Capital India. Returning investors Together Fund and Emergent Ventures also participated in the round. The current round of money will improve the startup’s technology stack, strengthen the team, and expand its open-source community. This year, Privado raised $3.5 million from a group of investors.
Privado is an open-source static scanning tool for security and privacy teams founded in 2020 by Vaibhav Antil, Jasdeep Cheema, and Prashant Mahajan. It provides visibility into data utilization and data flows from applications to teams. Privado also assists developers in addressing privacy flaws in their products, such as personal data leaks to logs. “Current solutions fall short because they sit outside of the development lifecycle when decisions on data collecting and sharing are made,” explains Vaibhav, Co-founder, and CEO of Privado.
The startup collaborates with companies such as Thrasio and Zego, with the majority of its customers being in the United States, followed by Europe. It now claims to manage over 6 lakh code commits for its customers. “Privado has established a straightforward platform that enables data and engineering teams to ensure that all development changes are privacy compliant in real-time,” Nikhil Sachdev, Managing Director at Insight Partners, explains.
The venture capital firm, which has been investing in India since 2018, has announced plans to expand its presence there. It has already backed firms in India such as Cred, Yubi, and MPL. “Data and privacy are two sides of the same coin.” One of the most significant has been data.
Trends have emerged in recent years, and it is only a matter of time before privacy catches up. In the statement, Abhishek Mohan, Principal at Sequoia India, states, “Privado is well-positioned to capitalize on this potential.” Vaibhav Antil and Jasdeep Cheema previously formed Jukebox Studio, which was acquired by music streaming provider Gaana.
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