Privitar secures £31.44 million Series B investment led by Accel

[London, United Kingdom / Boston, USA, Monday 10th June 2019]

Privitar, the data privacy software company, announced it has closed a $40 million Series B funding round led by global venture capital firm Accel, with participation from existing investors Partech, Salesforce Ventures, 24Haymarket and IQ Capital.

The investment strengthens the company’s leadership position in the global data privacy market. Seth Pierrepont, Partner at Accel, will join Privitar’s board of directors.

Data privacy is now top of mind. Following high-profile events like the Equifax breach and the Cambridge Analytica scandal, consumers around the world are increasingly concerned with how enterprises are handling their personal data. Additionally, regulation and consumer rights around data protection are growing, with the introduction of General Data Protection Regulation (GDPR) in Europe and California Consumer Privacy Act (CCPA) in the United States.

Privitar will use the investment to accelerate the development of its privacy engineering products, providing a comprehensive set of capabilities that will enable its customers to publish and share valuable data-driven insights in an efficient, trustworthy, and compliant way. Its customers include some of the world’s best-known brands, such as HSBC, the UK’s National Health Service (NHS Digital) and BT.

Jason du Preez, Privitar’s CEO said: “The world is increasingly aware of the importance of protecting private information and privacy engineering is becoming intrinsic to the way organizations manage and share data.

“This investment will enable us to scale rapidly in response to global demand and help our customers realise the enormous benefits of data-driven decision making, much faster and with less risk.”

Seth Pierrepont from Accel added: “There has been a noticeable increase in enterprises’ appetite for buying data privacy technology in recent years. Through the team’s deep domain expertise and close ties to academia, Privitar has positioned itself as a thought leader in privacy innovation. We’re excited to be joining Privitar on its mission of becoming the standard for enterprise data privacy.”

The company is well positioned as an emerging leader in this category and has seen huge demand for its products as organizations seek the latest technology to analyse their data safely, and with the utmost respect for the individual. Across industries, from banks seeking to improve customer service while protecting personal financial information to healthcare providers seeking to improve clinical outcomes while protecting patient data, it is essential for organizations to harness the power of data, while maintaining the trust they have with their customers.

Ends

Press contact

For further information please contact:

Clementine Boyer Duroselle on the Privitar press team: cboyerduroselle@privitar.com, +44 7932774644

Josephine Salm for Accel: josephine@sepiacommunications.com

About Privitar

Privitar provides data-privacy software to companies and public sector organizations around the world to protect sensitive data and enable the safe and ethical use of data for insight. Privitar was established in 2014 with headquarters in London. The business expanded overseas in 2018 and 2019, opening offices in New York, Boston, Paris, Munich and Singapore. Privitar raised $16m in a Series A funding round in July 2017, with support from existing investors IQ Capital, 24 Haymarket and Illuminate Financial and new funding from Partech, CME Ventures and Salesforce Ventures.

Privitar hosts an annual community event – In:Confidence – with luminary privacy experts and commentators and contributes regularly to the public discourse on privacy matters. You can read and subscribe to the latest news and opinions from Privitar here.

For more information, please visit www.privitar.com

About Accel

Accel is a leading venture capital firm that partners with exceptional founders with unique insights, from inception through all phases of private company growth. Atlassian, Algolia, Avito, Celonis, Cloudera, Crowdstrike, Deliveroo, DJI, Dropbox, Etsy, Facebook, Flipkart, Funding Circle, Kayak, Kry, QlikTech, Rovio, Slack, Spotify, Supercell, UIPath and WorldRemit are among the companies the firm has backed over the past 35+ years. The firm seeks to understand entrepreneurs as individuals, appreciate their originality and play to their strengths. Because greatness doesn’t have a stereotype. For more, visit www.accel.comwww.facebook.com/accel or www.twitter.com/accel.

Salesforce Ventures

Salesforce is the fastest growing top five enterprise software company and the #1 CRM provider globally. Salesforce Ventures—the company’s corporate investment group—invests in the next generation of enterprise technology that extends the power of the Salesforce Customer Success Platform, helping companies connect with their customers in entirely new ways. Portfolio companies receive funding as well as access to the world’s largest cloud ecosystem and the guidance of Salesforce’s innovators and executives. With Salesforce Ventures, portfolio companies can also leverage Salesforce’s expertise in corporate philanthropy by joining Pledge 1% to make giving back part of their business model. Salesforce Ventures has invested in more than 300 enterprise cloud startups in 20 different countries since 2009. For more information, please visit www.salesforce.com/ventures.

Source: https://www.privitar.com/press-releases/series-b-announcement-accel

Onfido raises £38.25 million Series C investment led by SBI International

Onfido raises $50M led by SBI Investment and others to create the identity verification standard for businesses globally

Frank van Veenendaal, former Vice Chairman of Salesforce, joins board 

Onfido has raised $50M in funding, bringing the total investment in the company to over $100M. The round was led by SBI Investment and Salesforce Ventures, with support from M12(formerly Microsoft Ventures), FinVC and others, including existing investors. Frank van Veenendaal (view his interview on why he joined), former Chief Sales Officer and Vice Chairman of Salesforce joins Onfido’s board. The investment will accelerate Onfido’s goal of using AI to standardize the way businesses verify identities in a scalable and secure way. It will help Onfido consolidate its core market in the USA, accelerate Onfido’s expansion into high-growth regions including Europe and South-East Asia as well as advancing product development.  

With just a photo of an identity document and a selfie video, anyone can access a host of online services in a matter of seconds from some of the biggest names in financial services, transportation, online marketplaces & communities, gambling and other industries—all fueled by Onfido’s AI-powered identity verification. 

This recent round validates Onfido’s success in creating a multi award-winning AI-powered identity verification platform—one that’s generated a 342% year-over-year sales growth and attracted over 1,500 customers worldwide— including industry leaders such as Current , Drivy, DraftKings, Europcar, Indiegogo, Remitly, and Zipcar. These customers are choosing Onfido over others because of its ability to scale, speed in onboarding, preventing fraud, and biometric technology. 

Ability to Scale – Onfido automates checks on over 4,500 document types across 195 countries detecting anomalies automatically, while using human experts to verify outliers.  This means  customer pass rates don’t suffer as they grow or expand to new regions. If new documents are detected, Onfido’s AI quickly learns them and can continue to handle high volumes, without defaulting to expensive and timely manual operations.

Speed of onboarding – customers can be onboarded in as little as 15 seconds, minimizing drop-off rates while still complying with ‘Know Your Customer’ (KYC) and Anti-Money Laundering (AML) regulations. Cross-platform support, blur & glare detection and customer UX design services all contribute, helping ensure users don’t drop-off during the process. 

Fraud prevention – Onfido’s risk engine protects its customers’ bottom lines with fraud exposure rates as little as 0.0195%*. Proprietary anti-fraud technologies such as Onfido’s facial liveness testing, the ability for its AI to detect fakes that a human eye cannot, combined with its experienced document team,  help maintain the market’s most robust protection against spoofing attempts.

4.5 billion records were breached in the first half of 2018, and McKinsey has predicted the identity verification-as-a-service market to hit $20 Billion by 2022. So Onfido is very well placed to solidify its position as the global leader in identity verification,” said Tomoyuki Nii, Executive Officer, at SBI Investment. “We chose to invest in Onfido because they have proven their expertise at using artificial intelligence to effectively fight fraud, giving businesses a safe and secure way to scale their businesses online.”

“There has never been a more important time for companies to build trust with their customers by showing they are one step ahead of fraudsters,” said Frank van Veenendaal. “I believe Onfido has the unique opportunity to transform the digital identity market and deliver robust and scalable authentication-as-a-service, similar to how Salesforce transformed customer relationship management.”

“We’re seeing new data breaches occur every day, resulting in millions of people’s private data ending up on the dark web,” said Husayn Kassai, CEO and co-founder of Onfido. “With this new funding, we can protect more businesses, in more countries—and in more ways—from the effects of fraud. We’ll also be able to expand the reach of our technology, so that people without a credit history can finally access the online services they badly need.” 

Request a demo of Onfido’s Identity verification technology.

Other investors that took part in this round include: Acequia Capital, Tuesday Capital, Crane Venture Partners, Idinvest Partners, Augmentum Fintech plc, Wellington Partners, Plug & Play Venture Group, B&Y Venture Partners, CreditEase Ventures, TempoCap, and Talis Capital.