- Securiti will increase the capabilities of its DataControls Cloud, a service that aids businesses in integrating intelligence and controls around data for security, privacy, governance, and Compliance.
- The additional funding is focused on boosting the company’s DataControls Cloud solution.
Securiti Inc., a startup in unified data control, recently announced investments from Capital One Ventures and Citi Ventures. The extra funding will be used to advance the company’s DataControls Cloud product.
Although the sum spent by the banks was not made public, it was in addition to the USD 75 million that Securiti raised in October. For today’s cutting-edge, hyper-scale cloud environments, the October round was raised to speed the deployment of a centralized data command center.
Securiti, a 2019 startup, provides unified data controls via its DataControls Cloud, which aims to integrate data intelligence and controls across security, privacy, governance, and compliance. By enabling businesses to retire various legacy solutions that increase cost and complexity, the company asserts that its solution is “revolutionizing an entire category.”
The platform is meant to address the issue of businesses using different software tools to secure their data and guarantee that they process it following privacy laws like the General Data Protection Regulation of the European Union. Because the DataControls Cloud offers security and privacy capabilities in a single platform, businesses can use it in place of the several software solutions they would typically need to use.
Managing partner at Capital One Ventures, Jaidev Shergill, explained, “Unified intelligence and controls around data are table stakes for modern enterprises. We invested in Securiti for its potential to bring simplicity, automation and control to an important and arduous task.”
Securiti reported strong growth through its fiscal year 2022, achieving over a four-fold increase in total contract value and an over a three-fold increase in annual recurring revenue. However, it didn’t provide more details. Prominent customers include Dropbox Inc., Hertz Corp., Southwest Airlines Co., Dell Technologies Inc., Cisco Systems Inc., Instacart Inc., and Alaska Airlines Inc.
Global head of AI/ML/data investing at Citi Ventures, Vibhor Rastogi, said, “Securiti is providing a critical solution to the challenges created by handling tremendous amounts of data. As cloud adoption continues to grow, companies must keep data secure from external threats, adhere to regulations, and ensure responsible data usage. By delivering a modern, unified architecture, Securiti is easing the burden on security, privacy, and governance leaders across industries.”
Even though Citi and Capital One’s investment amount was not made public, according to a leading media house, Securiti had previously raised USD 156 million. General Catalyst Group VII LP, Workday Ventures LLC, Mayfield Fund LP, Owl Rock Capital LP, and Cisco Investments LLC have all made prior investments.