DataGuard raised $61 million in capital to enhance its SaaS services, enabling clients to improve data privacy and protection.
Numerous businesses are facing multi-million dollar fines due to their negligence in maintaining data privacy and protection. Regulation is an unquestionable part of the wave that drives companies and consumers to realize the significance of data privacy. Data privacy and protection are a byproduct of both cybercrime, technological advancements and regulations.
Overview of DataGuard
DataGuard is a startup based in Munich that strives to deliver SaaS models to enterprises looking for enhanced data privacy and security solutions. The company was able to secure $61 million in a Series B funding round managed by Morgan Stanley Expansion Capital. In 2020, the company fundraised $20 million. Participating investors include One Peak, Celonis, Personio and Hybris.
The company refused to reveal its valuation despite having a customer base of 3,000+ across more than 50 countries. Since its last funding round, the company has tripled its users. Revenue was increased tenfold since last year.
The company offers a variety of privacy, information security and compliance tools for streamlining data analysis and certification. The company believes that SMEs suffer from fewer in-house security experts while competing with international corporations in compliance and data protection. No matter the size of the enterprise, one needs to ensure that data protection is implemented legally.
DataGuard also considers the marketing aspect of data privacy and protection through cookies and data consent interfaces. Encouraged by the GDPR and other protocols, numerous companies have started implementing ‘reject all’ policies.
“Marketing is a huge piece of the puzzle, but the second part is that companies are protecting their customers’ data”, DataGuard said. As a result, cyber insurance premiums have upsurged and impacted companies financially.
Lastly, commercial pressure causes companies to consider a proactive approach rather than a reactive one in data privacy. DataGuard plays a vital role in identifying companies’ data usage process.