New York-based Ethyca, a provider of global data privacy solutions, has raised $13.5 million in Series A funding. The investors included IA Ventures.
June 11th, 2020, New York – Ethyca, a New York-based global data privacy solution today announced $13.5m in Series A funding, bringing their total funding to $20m.
Ethyca also announced a new, self-service product that businesses can begin using for free, enabling automated privacy compliance for a range of companies from startup to Enterprise. Ethyca will now allow businesses of all sizes to implement comprehensive privacy management within a few clicks and without a lengthy onboarding process.
Ethyca can confirm that their premium product, Ethyca Pro+, is now being used by major consumer-driven brands like Away, Parachute Home and Aspire IQ. Companies everywhere are under greater pressure to comply with new privacy regulations such as California’s CCPA – its enforcement is set to begin later this year -in spite of the Coronavirus-related challenges facing businesses today.
The funding comes following Ethyca’s seed round in July 2019. IA Ventures followed on its previous investment in the company with Roger Ehrenberg joining Ethyca’s Board of Directors.
Others that participated in the round include; Affirm and PayPal cofounder Max Levchin’s SciFi VC, CAA cofounder Michael Ovitz, Warby Parker cofounders Neil Blumenthal and Dave Gilboa, Harry’s cofounder Jeff Raider, Allbird’s cofounder Joey Zwillinge, Behance cofounder Scott Belsky, former Chief Data Scientist of the US Office of Science and Technology Policy DJ Patil, Lachy Groom, as well as Abstract Ventures.
Founded in 2018 by Cillian Kieran and Miguel Burger-Calderon, Ethyca powers companies’ ethical data privacy in the same way Stripe powers payments. The firm takes charge of the continuous changes in privacy legislation so that its users can continue building products. Ethyca has built a privacy platform and API, for fast-growing, data-driven companies of every size counting startups and enterprises among its users
Cillian Kieran, CEO and co-founder of Ethyca, emphasised the pressing need for companies to get privacy right: “Right now companies are concerned with applying a ‘band aid’ for the likes of GDPR and CCPA to avoid risk of fines, but are not thinking holistically about what our industry is facing. Not only is it necessary to comply with the increasingly complex web of privacy regulations globally, but it’s more and more important to consumers that the services they use respect and manage their data ethically. Companies must seize the chance to gain competitive advantage here and differentiate themselves – those who take a transparent and considerate approach towards user data will be rewarded when consumers vote with their feet.”
Investor Roger Ehrenberg of IA Ventures said ethical management of data would be a key business focus for many companies going forward: “Companies can no longer simply strive to be compliant and get by – enterprises need to think long-term and show their customers that they can be trusted with their data. Forward-thinking companies have recognised the value of Ethyca’s product to their bottom line as you can see from looking at the growing set of blue-chip brands and technology customers so far.”
Josh Beser, the General Counsel at Away, noted the effortless process of integrating Ethyca throughout its systems: “At Away, the privacy of our customers is a high priority. In the search for a scalable privacy platform, our team was drawn to Ethyca’s technology-first solution as a means to decrease the manual effort for our data and engineering team, while providing an intuitive, respectful user experience for our community.”
The funding comes almost two years after the implementation of GDPR and California’s landmark CCPA regulation being enforced from July 1st. Additionally, LGPD is due in Brazil this August and PDPB in India currently in draft form. Similar legislation is expected in South Korea and Thailand as the world wakes up to the importance of privacy and data management.
Ethyca was founded in 2018 in New York by Cillian Kieran and Miguel Burger-Calderon. Ethyca’s infrastructure provides developers and product teams the ability to ensure consumer data privacy throughout applications and services design with minimal developer friction. Other available “privacy” solutions operate by looking for personal information in data that has already been created while privacy was being ignored. But these are costly retroactive band-aids that do not solve the root problem: privacy failures during upstream collection and processing. Ethyca prevents the need for costly post-hoc patches by automatically solving the root cause.
Further details are available at https://ethyca.com/
Privacy expert and engineer Cillian Kieran is the CEO and founder of privacy company Ethyca. Cillian has extensive technical experience working with legacy enterprise organizations such as Heineken, Sony, Dell and Pepsi building data platforms, visualization tools and leading strategic advisory in change management and data governance policy definitions, liaising with CIO, CDO and legal counsel.
Miguel Burger-Calderon is the President and Co-Founder of Ethyca, which powers companies’ ethical data privacy management in the same way that Stripe has managed payments through an API. Ethyca’s infrastructure provides developers and product teams the ability to ensure consumer data privacy throughout applications and services design with minimal developer friction. Miguel was previously the Global Head of Business Development at Group Nine Media and before that served as President at Elite Daily, which he helped build to become a premier online destination before its ultimate acquisition by DMGT in 2015.