Venture Capital News: DataGrail Scores $5.2M
SAN FRANCISCO, CA, DataGrail has secured an additional $5.2M in funding its bringing total funding to $9.2M.
DataGrail, the first purpose-built privacy platform designed to help companies comply with new and emerging privacy regulations like Europe's General Data Protection Regulation (GDPR) and California's Consumer Protection Act (CCPA), secured an additional $5.2M in funding, bringing total funding to $9.2M, with existing investor, Cloud Apps Capital, leading the round. The funding comes in advance of two new privacy laws (CCPA and Nevada SB 220) going into effect within the next six months, enabling DataGrail to accelerate growth and meet increasing demands from customers and prospects. Mallun Yen, founding team of SaaStr, RPX Corporation [and ChIPsNetwork.org] and former VP of Worldwide Intellectual Property at Cisco Systems, Inc., will join the DataGrail board.
"At Okta, identity is core to everything we do. And like Okta, DataGrail is uniquely approaching the issues of identity, privacy and security from the application and infrastructure level," said Monty Gray SVP Corporate Development, Okta. "By integrating directly with third-party applications and systems, DataGrail empowers its customers to expedite the cumbersome, error-prone and time-intensive process of ensuring compliance with data privacy regulations. We support the organization's mission, and look forward to partnering with DataGrail to help our joint customers navigate the increasingly complicated regulatory landscape."
DataGrail directly integrates with more than 100 applications and infrastructure systems, such as Salesforce, Adobe, Oracle and AWS, enabling companies to discover, inventory, and map personal data in seconds--not weeks or even months. This allows DataGrail customers to confidently reduce inefficiencies and eliminate error-prone processes, and continuously comply with data privacy regulations.
"Privacy management solutions have evolved significantly over the past couple decades. The first wave of privacy solutions offered professional services, helping companies understand what they needed to do to comply with new regulations. Over time, this evolved to companies providing process management solutions," said Daniel Barber, CEO & Co-founder of DataGrail. "Now, most companies rely on dozens, if not hundreds, of cloud-based applications, and it's much too cumbersome and complicated to manually process privacy requests. Companies need a data privacy partner that can help them take an inventory of applications and solutions that may have data, map the data, then operationalize privacy requests."
DataGrail designed its platform for the modern companies that rely on an ecosystem of cloud-based applications and solutions to run their business. Their direct integrations allow companies to operationalize the privacy request workflow in minutes, and unify email preferences across all customer facing applications.
In its recent Age of Privacy: The Continuous Cost of Compliance report, DataGrail revealed that it took most companies seven months or longer to achieve GDPR readiness, suggesting that companies subject to CCPA should begin their compliance programs immediately. The research also revealed that more than 50% of the companies surveyed developed an in-house solution to handle privacy regulations, yet 71% of these companies agree that the systems in place can't scale to support emerging regulations. Further, 9 out of 10 companies plan to hire at least 3 people to manage privacy regulations in the next 2 years. Companies likely spent thousands of dollars to create a system they know is a stop-gap solution that won't scale to support future regulations, revealing that the opportunity cost of becoming compliant has a far-reaching footprint.
"In the engagement economy, data privacy is becoming an increasing concern for consumers and businesses globally. As new global privacy regulations emerge, marketing teams are expected to adapt to new regulations instantly," said DataGrail investor Steve Lucas, former CEO of Marketo, an Adobe company. "DataGrail helps automate that process, so marketers can focus on delivering compelling experiences and engaging with their current and future customers."
"As a lawyer myself, I know firsthand the positive impact that DataGrail's solutions can have on a company maintaining compliance," said Yen. "Compliance must be viewed as an ongoing effort and an endeavor that must be sustained over time. DataGrail is the solution that automates manual processes and integrates across business systems and third-party services."
DataGrail enables sustained compliance, helping companies:
Understand the complexities and unique requirements of each regulation
Continually identify applications and systems, both internal and third-party, existing and new, that hold regulated data
Update compliance teams on new applications and systems added to an organization, and new fields or changes made to existing applications
Operationalize data privacy requests to minimize processing risks and increase efficiencies across an organization
Manage customer email preferences across a company's entire organization
Ensure compliance with any regulatory changes or new regulations
To learn more about DataGrail and how to become continuously compliant, learn more here.
DataGrail is the first purpose-built privacy management platform, ensuring sustained compliance with worldwide privacy laws: Europe's GDPR, California's CCPA, and more. DataGrail directly integrates with more than 100 business systems, such as Salesforce, Adobe, Oracle, AWS and Azure, enabling companies to discover and map personal data in seconds--not weeks or even months. DataGrail's direct integrations allow companies to operationalize the privacy request workflow in minutes and unify email preferences across all customer facing applications. Customers include Databricks, G2, and Intercom. To learn more, please visit datagrail.io or follow DataGrail on Twitter and LinkedIn.
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