Data privacy provider Privitar picks up investment from Citi
UK-based data privacy software provider Privitar is targeting US expansion via a minority investment stake from Citi.
Financial details were not disclosed
Financial details were not disclosed so I guess privacy extends to that as well. Privitar says the money will support its international expansion plans, particularly in the US where it plans to expand its existing teams on the East Coast.
Stuart Riley, global head, operations and technology, markets and securities services, Citi, uses the funding to praise the bank and no one else: “Our investment in Privitar demonstrates our commitment to help clients make fast, data- informed, decisions through smarter use of machine learning and cloud compute whilst ensuring the security and privacy of the data.”
Anyway, Privitar works across various industries including financial services, life sciences, public sector and telecommunications. Its software is used to reduce the threat of privacy attacks and protect data.
Privitar was established in 2014 with headquarters in London and offices in New York and Paris.
The company raised $16 million in a Series A funding round in July 2017, with support from existing investors IQ Capital, 24Haymarket and Illuminate Financial and new funding from Partech Ventures, CME Ventures and Salesforce Ventures.
Citi is often investing in fintech firms. Just last week, Citi Ventures was one of the names in a $90-million funding round in phone-based fraud prevention firm Pindrop.
