New Privacy Tech Industry Attracts Massive Funding
Privacy Tech Alliance connecting researchers and entrepreneurs to analysts, customers, VCs
WASHINGTON – July 11, 2019 – One Trust’s announcement today of a $200 million Series A investment, which follows yesterday’s announcement by TrustArc of a $70 million Series D round, demonstrates the arrival of a new industry sector for privacy protection technologies.
“Investors have noticed that business is booming for companies in the privacy technology space,” said Jules Polonetsky, CEO of the Future of Privacy Forum and a co-founder of the Israel Tech Policy Institute. “Innovative technology must be part of the solution for companies and government agencies that want to use data and be sensitive to individual privacy.”
In addition to OneTrust and TrustArc, other privacy tech companies have received significant investments recently. Privitar announced a $40 million series B funding round in June and BigID raised a $30 million series B round last year.
The Israel Tech Policy Institute, in conjunction with the Future of Privacy Forum, launched the Privacy Tech Alliance to promote the market for privacy protective technologies internationally, facilitate the development of new tech, and maximize value for innovators and investors. The global nature of privacy regulation – from GDPR to the California Consumer Privacy Act – is spurring innovative technologies and a new industry sector is rising around technologies that help companies use data while protecting privacy, such as homomorphic encryption and de-identification.
“The Privacy Tech Alliance is supporting diverse companies bringing privacy-enhancing technology to market,” said Limor Shmerling Magazanik, Managing Director of the Israel Tech Policy Institute. “Many of these companies also offer compliance solutions to help their customers navigate an increasingly complex regulatory environment around privacy.”
OneTrust and TrustArc join eleven other leading global tech vendors who have joined the Privacy Tech Alliance Advisory Board. Founding members of the Privacy Tech Alliance Board include Anonos, BigID, D-ID, Duality, Immuta, Nymity, OneTrust, Privacy Analytics, SAP, Truata, TrustArc, WireWheel, and ZL Tech.
For companies large and small, drafting policies and managing excel sheets no longer suffice to oversee complex global data operations. To scale data governance and privacy program management, companies in every sector of the economy must turn to privacy governance systems and tools. Such tools serve multiple governance needs, including data mapping, data protection impact assessments, consent and cookie management, data storage and retention, identity management and authentication, and more. In addition to privacy program management tools, researchers, scientists and entrepreneurs are innovating privacy enhancing technologies, including tools for de-identification, encryption, obfuscation, blockchain, and more.
This week’s notice by the UK Information Commissioner of its intention to fine Marriott Hotels and British Airways $130 million and $230 million respectively vividly illustrates the rising stakes for organizations that wrestle with an increasingly complex regulatory environment for privacy and data protection, including Europe’s GDPR and California’s CCPA.
Future of Privacy Forum
Future of Privacy Forum
About the Future of Privacy Forum
Future of Privacy Forum is a global non-profit organization that serves as a catalyst for privacy leadership and scholarship, advancing principled data practices in support of emerging technologies. Learn more about FPF by visiting www.fpf.org.
About the Israel Tech Policy Institute
Israel Tech Policy Institute is an incubator for tech policy leadership and scholarship, advancing ethical practices in support of emerging technologies. Learn more about ITPI by visiting www.techpolicy.org.il.