Tech companies spend a lot of money on privacy breeches. The fines from the EU's General Data Protection Regulation now total over $1 billion, and earlier this year Twitter had to pay $150 million for misrepresenting the security and privacy of user data. Privado is based in India and Delaware and they want to make it easier for developers to keep user data under wraps.
The company has raised over $13 million in Series A funding. The Together Fund and Emergent Fund were part of the seed round of Privado.
Privado will be able to grow its tech, team and community thanks to the Series A. The company has signed six-figure contracts. The pricing model is based on how many code repositories it scans.
Over 600,000 code commits are monitored by Privado and its clients include Here. It was founded last year by a group of people who worked in product and engineering teams. After interviewing product and engineering teams at an e- commerce company that needed to find a way to monitor data usage and how it changed with each new software release, they decided to launch Privado.
To comply with any of the privacy laws, the first step is to get visibility into how personal data is being collected, used and shared across thousands of apps. It's close to impossible for companies to have visibility when code changes occur every week.
Many of the current tools on the market are manual ones that don't scale and go out-of-date as soon as there is a product change or automated ones that only focus on discovering where data is stored.
Antil said that there are a lot of privacy tech companies that exist today. Current tools fall short because they sit outside of the development lifecycle where decisions are made.
Privado is able to solve these issues by connecting with source code management tools. It has the ability to monitor data usage, identify data flows and notify developers of privacy issues.
The founders suggest that you think of us as a way of structuring your code. As you are writing new code, we give you a data privacy score for existing products and point out privacy and data security issues.
The Play Store data safety reports that are used by developers include Automattic and Blinkist. Privado is working on an open source project.
Antil said that they told engineers to build code and ship features out fast. If we are giving them tools to grow engagement, we should also give them tools to grow privacy as well.
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