HSBC has joined Privitar’s Series C funding round, extending it to 拢70m.
The global banking giant has聽extended聽its聽relationship with the聽London-based data privacy firm聽from customer to investor聽by adding聽拢5.6m to the聽拢65m round announced recently.
The Series C聽round comes less than a year after a聽$40m Series B funding round聽led by Accel.
HSBC聽became Privitar’s first customer in 2016聽when the start-up聽helped it broaden access to data for developing novel approaches to protect against money laundering.
Since then, it has expanded usage across the organisation to support big data analytics, streaming data and cloud adoption.
鈥淲e are excited to be part of what Privitar is building,鈥� said Rakshit Kapoor, Group Chief Data Officer, HSBC.
鈥淥ur partnership is helping us to use data to improve our customer experience, while protecting privacy and sensitive information.
鈥淥ur investment reflects the value we place on Privitar鈥檚 robust approach to data privacy and management.鈥�
HSBC joins Warburg Pincus, Accel, Partech, IQ Capital, Salesforce Ventures, Citi and ABN AMRO Ventures as an investor in Privitar.
鈥淕iven that HSBC was our first customer, our relationship with the bank has always been an important one,鈥� said Jason du Preez, Privitar CEO.
鈥淗SBC provided important feedback in the early days of our product development, and we鈥檝e successfully expanded our relationship with the bank over the last four years as our platform has evolved.
鈥淗SBC’s investment is indicative of the impact that we鈥檝e had on their business, and the opportunity that exists for us to help data-driven organizations worldwide with sensitive data management and data privacy.鈥�
Privitar is working with other leading enterprise customers such as Citi, the聽NHS and AstraZeneca to manage and automate the enforcement of data privacy policies on modern platforms.
Privitar was聽recently selected as one of Tech Nation鈥檚 Future Fifty.