DataSecOps Platform eXate Raises £2.3 Million Simplifying How Organisations Access, Share and Regulate Data
- DataSecOps enables a simple environment for data, operations and cyber teams to collaborate in one application for safer access, analysis, delivery and governance of data
- Accessing and sharing data is a huge and costly issue for organisations, complicated further by evolving global data privacy regulations
- eXate rapidly embeds into an organisation’s existing applications, solving this problem by simply and repeatedly protecting data through a single intuitive platform
- The seed investment comes from Outward VC, ING Ventures, and Triple Point Ventures to expand the platform and team
London, UK. 15th December 2020:eXate, a London-based data software firm has announced a £2.3 million seed round led by Outward VC, with additional backing from ING Ventures and Triple Point Ventures, to accelerate the growth of its DataSecOps platform. eXate is democratising data privacy for organisations by providing a simple embedded platform that automates the technical enforcement of data policies, solving the large-scale challenges created by evolving and complex global data privacy regulations.
There is a huge opportunity for organisations to unlock value from their data assets, however, doing this in a secure, compliant way is a problem for many due to changing data privacy regulations around the world and new data infrastructures. To solve this issue businesses have to invest in costly processes that require a lot of time and resource, often with manual processes or the use of multiple single-point solutions. This can create a barrier to using that data effectively or safely and in the event of non-compliance can result in severe penalties from regulators.
Many of these challenges were experienced first-hand by Peter Lancos and Sonal Rattan, both former digital business leaders at HSBC, who founded eXate in 2018 to address these issues. They developed the platform based on a new and collaborative approach to simplifying the way that data is securely accessed, shared and governed, referred to as DataSecOps.
eXate combines and coordinates multiple privacy-enhancing technologies within a single intuitive platform, connected to built-in governance and controls. Allowing data policies to automatically be applied to data that is accessed or shared with greater speed and efficiency than manual methods or multiple single-point systems. eXate users have reported significant time and cost savings as data protection processes can now be realised in minutes instead of days.
eXate already has blue-chip clients across banking and asset management, including incoming investors ING, with growing demand from other sectors such as telecoms and insurance.
Peter Lancos, CEO, eXate, explains,
“Organisations that store and process large volumes of data experience many challenges when it comes to data sharing. We see the biggest obstacles arise from the lack of joined-up thinking. The use of expensive multiple single-point solutions, coupled with monitoring complicated country-by-country policies adds time and budget to data initiatives.”
“The key to delivering the best value for clients is to fully integrate data, security and operations in a single application through DataSecOps. This investment from leading venture capital firms, including one of our major banking clients, is a validation of what eXate has achieved to date and provides a solid foundation to bring the value of DataSecOps to a larger audience of data-driven organisations.”
The funding will enable eXate to capitalise on DataSecOps demand by growing its team, accelerating platform development and expanding into new geographies and verticals.
Andi Kazeroonian, Investor at Outward VC, commented on the investment,
“Ensuring the protection of sensitive data is a mission-critical challenge for companies that wish to utilise data to deliver value to its stakeholders. eXate’s unique platform provides companies with the tools it requires to ensure data privacy and protection by design. The platform’s flexibility, speed of deployment and ease of use is capturing attention from some of the world’s largest financial institutions, all looking for simple and efficient ways to address this hugely complex problem. We are excited to back eXate’s exceptional team on their mission to simplify data protection through DataSecOps.”
Frederic Hofmann, Managing Director at ING Ventures, added,
“Building on the successful proof of concept that eXate completed in the ING Brussels Lab in 2019, ING Ventures is excited to support their journey to help organisations better utilise their data assets by ensuring security and privacy. This game-changing tool allows ING to safely test new software on real data to ensure effectiveness in production and helps us accelerate our innovation agenda by enabling us to collaborate more closely with external partners and across borders.”
For more information go to https://www.exate.com
Notes to Editors
Join the community: www.exate.com/datasecops
eXate is a startup on a mission to simplify the way that data is safely and securely accessed, shared and governed through DataSecOps. DataSecOps enables a simple, collaborative environment for data, operations and cyber teams to work together in a single application for faster, safer, more cost-efficient data sharing. The company provides DataSecOps solutions to leading Global 500 corporations, financial institutions, and insurance providers around the world. eXate is headquartered in London, UK.
About Outward VCOutward VC is a venture capital fund backing the next generation of European fintech and enterprise technology. The fund invests early stage in ambitious and talented entrepreneurs looking to scale companies that solve significant problems within large global markets. By utilising its platform – which includes investors Investec, NIBC and other institutional and private investors – and providing close support post-investment, Outward is committed to helping its companies rapidly achieve scale. Outward’s portfolio includes category leaders such as Curve, Monese and PrimaryBid.
About ING Ventures ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. ING Bank’s more than 55,000 employees offer retail and wholesale banking services to customers in over 40 countries.
ING Ventures is the venture capital arm of ING, a €300m fund making minority investments in early-stage companies that have strategic relevance to ING. It targets disruptive technologies that have the potential to impact ING’s business and ensure customers and clients get access to best-in-class services. ING Ventures also helps entrepreneurs with hands-on support, know-how, scaling expertise and access to ING’s distribution network.
About TriplePointTriple Point is the place where people, purpose, and profit meet. Since 2004, it has been targeting this Triple Point in areas like venture, energy efficiency and social housing, unlocking investment opportunities that make a difference. It manages over £1.8bn of private, institutional and public capital across four distinct investment strategies. Each of these strategies helps to solve a problem society faces, and each one creates opportunities for investors. Its investments transform public services, get businesses off the ground, and even kickstart whole markets.