Data privacy software company Privitar closed a $40 million Series B funding round led by global venture capital firm Accel, with participation from existing investors Partech, Salesforce Ventures, 24Haymarket, and IQ Capital. Seth Pierrepont, a partner at Accel, will also join Privitar’s board of directors.
According to the company, following events like the Equifax breach and the Cambridge Analytica scandal, consumers around the world are concerned with how enterprises are handling their personal data. Additionally, regulation and consumer rights around data protection are growing, with the introduction of General Data Protection Regulation in Europe and California Consumer Privacy Act in the United States. To this end, Privitar plans to use the investment to strengthen the company’s position in the global data privacy market.