Privado raises $14M from Insight Partners, Sequoia Capital, others
The startup will use the funding to enhance its technology stack and build the team
Dover, US-headquartered data privacy startup has announced raising $14 million in a Series A round of funding co-led by Insight Partners and Sequoia Capital India. The round also saw participation from returning investors Together Fund and Emergent Ventures.
The startup will use the current round of funding to enhance its technology stack, build the team and grow its open-source community. Privado last raised $3.5 million from a group of investors this year.
Founded in 2020 by Vaibhav Antil, Jasdeep Cheema, and Prashant Mahajan, Privado is an open-source static scanning tool for privacy and security teams. It helps teams with visibility into data usage, and data flows from applications. Privado also helps developers fix privacy vulnerabilities in the product like personal data leakage to logs.
“Current tools fall short because they sit outside the development lifecycle where decisions on data collection, and sharing are made,” Vaibhav, Co-founder and CEO at Privado says in a statement.
The startup works with the likes of Thrasio and Zego, with its majority customer base located in the US, followed by Europe. It currently claims to manage over six lakh code commits for its customers.
“Privado has created an intuitive platform that allows data and engineering teams to ensure all development changes are privacy compliant in real-time,” says Nikhil Sachdev, Managing Director at Insight Partners.
The venture capital firm which has been investing in India since 2018 said that it will deepen its presence in the country. It has already backed companies like Cred, Yubi, and MPL in India.
“Privacy and data are two sides of the same coin. Data has been one of the biggest
trends in the last few years and it’s only a matter of time before privacy catches up. Privado is well-positioned to capture this opportunity,” says Abhishek Mohan, Principal at Sequoia India in the statement.
Before Privado, Vaibhav Antil and Jasdeep Cheema had founded Jukebox Studio which was acquired by music streaming service Gaana.
Edited by Affirunisa Kankudti