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Soveren Launches From Stealth With $6.5M Seed Funding To Automate Gdpr Compliance
Amount Raised
$6.5 Million
Round Type
seed
LondonDescription
Soveren, a London-based startup that automates the detection of privacy risks to help organizations comply with GDPR and CCPA, has launched out of stealth with $6.5 million in seed funding.
Company Information
Location
London, Ontario, Canada
About
The company analyzes real-time data flows inside an organizations’ infrastructure to discover personal data and detect privacy risks to make it easier for CTOs and CISOs to recognize and address privacy gaps. The firm is now planning to expand globally after securing a $6.5 million seed investment, which was led by Firstminute Capital with participation from Northzone, 11 unicorn founders including Airbnb and Mulesoft, Sir Richard Branson’s family, and a handful of global CEOs including Nikesh Arora, the chairman CEO of Palo Alto Networks. Soveren says some 10 million companies globally are at risk of violating GDPR and other regulatory obligations because of their failure to detect and resolve privacy incident. Fedchenkov says, to begin with, Soveren will use the funds to expand its product team and to invest in sales and marketing.