Privacy is the new currency in a time when browsing the internet can be a lot like walking through a crime-ridden neighborhood. Besides identity theft, malware and viruses, there are phishing scams, data breaches and other unknown issues that can compromise computers and daily life.
Privacy management company TrustArc is getting $70 million to further advance innovation and security in the data privacy landscape via a Series D funding round. Private equity firm Bregal Sagemount led the funding round, according to an announcement by TrustArc on Wednesday (July 10).
A global provider of privacy management solutions, TrustArc said the funding will help advance the company’s leadership position in the privacy market. Existing investors Accel Partners, Baseline Ventures, DAG Ventures, Icon Ventures and Industry Ventures will continue to retain significant stakes in the business, Security Week reports.
“We have been building on our two decades of privacy leadership to design cutting-edge technology solutions, and this significant growth investment will allow us to further help enterprises around the world navigate the rapidly evolving data privacy regulatory landscape,” said TrustArc CEO Chris Babel in the press release announcing the new funding.
As companies increasingly become fiduciaries of personal information, privacy innovation is fast becoming a top priority.
“TrustArc’s privacy industry leadership has allowed it to build a unique suite of technology solutions to help companies differentiate themselves in today’s regulatory environment,” said Bregal Sagemount Founding Partner Daniel Kim in the same release.
The rapidly growing privacy tech market is part of a larger wave of innovation transforming regulatory compliance as consumers continue to be concerned about how their data is used and how it will be kept secure, a 2017 study said.
Sagemount’s investment was led by Daniel Kim, Arjun Mehta and William Breskman. TrustArc was advised by DBO Partners, and Fenwick & West provided legal counsel. Goodwin Procter provided legal counsel to Bregal Sagemount.