Enterprise Solutions Provider PrivaSapien Raises Seed Funding
PrivaSapien Technologies Pvt Ltd (formerly TruthShare), an enterprise solutions provider, has raised seed funding of $1 million (around Rs 8 crore) from Omidyar Network India.
As per the Bengaluru-based startup, the raised funds will be deployed for research and product development as well as to expand its geographical footprint.
PrivaSapien | Privacy Enhancing Technology Solutions
Founded by Abilash Soundararajan and Deepika Abilash in 2019, PrivaSapien is a privacy deeptech startup that provides privacy-enhancing technology based privacy risk assessment, mitigation and data collaboration. The B2B privacy engineering firm helps businesses to unlock data without violating user privacy.
It uses privacy-enhancing technologies to enable the visualisation of privacy risks and mitigate them, to create “privacy by design” applications and data flow of the future, thus empowering businesses with the strategic advantage of data while gaining customer and regulator trust.
As per Abilash Soundararajan, with privacy regulations coming up across the world, there is a need for privacy engineering solutions to unlock data without violating user privacy.
The startup, with its privacy enhancing technology solutions, claims to meet the highest bar of privacy requirements, enabling organisations to have a common golden standard for data collaboration across the globe.
Privacy X-Ray, one of PrivaSapien’s key products, is a patented privacy enhancing technology-based intelligent privacy risk visualisation, technical safeguard and regulatory recommendation product, which can accelerate enterprise privacy journey by 4000x.
The automated privacy audit tool assesses privacy risk in a dataset, thereby reducing the time taken in the process from a few weeks to a few minutes, also providing intelligent recommendations to mitigate the risk and meet compliance requirements.
Currently, the startup claims to be working with global technology partners in areas like cloud, consulting and system integration. Its products are being used in industries handling personal data like finance, healthcare, telco and connected devices.
In 2022, the enterprise applications segment emerged as one of the top-funded sectors, along with consumer startups and fintech, as per data from Tracxn. The segment, which includes startups in enterprise software, SaaS and HR tech platforms, raised $7.2 billion across 644 deals last year.
A few days back, Heuristix Digital Technologies Pvt Ltd, which operates enterprise skill development startup Disprz, raised undisclosed capital as part of its bridge funding round. Also, enterprise artificial intelligence (AI) startup Mad Street Den raised $30 million in its Series C funding round led by Avatar Growth Capital.
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