Sequoia Capital India and Insight Partners jointly led a $14 million series A round of funding for the data privacy firm Privado, which is located in India. Together Fund and Emergent Ventures, two established investors, also took part.
The code scanning tool developed by Privado, which was founded in 2020 by Vaibhav Antil, Prashant Mahajan, and Jasdeep Cheema, enables engineers and privacy teams to watch data flow, track data consumption, and highlight privacy risks including excessive user rights or data leakage. The service integrates with systems for managing source code, such as GitHub, to provide immediate data visibility.
According to the Indian company, it presently oversees over 600,000 code changes for organizations like Thrasio and Zego. According to Privado, this approach can save developers and privacy experts months of labour when compared to current options.
The fresh money will be used by the business to expand its open-source community, recruit more staff, and enhance its tech stack. The business also has ambitions to broaden its recently released service, which enables Android developers to provide data security reports. Over 2,000 reports have already been produced using the software by engineers from businesses like Automattic and Blinkist.
The most recent investment follows the closing of a US $3.5 million seed round by Privado in January.
The global market for data privacy software, which was valued at US $1.7 billion in 2021, is predicted by Fortune Business Insights to increase at a compound annual growth rate of 40.8% to reach US $25.9 billion by 2029.
