December 6, 2024 at 08:14AM
Ethyca, a data privacy and AI governance platform, raised $10 million, totaling over $37 million since its founding in 2018. The funding, led by Aspenwood Ventures and AVP, will enhance product capabilities and expand its team. Ethyca’s platform aids organizations in managing data visibility, compliance, and privacy requests efficiently.
### Meeting Takeaways
1. **Funding Announcement**: Ethyca raised $10 million in its latest funding round, pushing the total funds raised to over $37 million.
2. **Investment Leaders**: The funding was led by Aspenwood Ventures and AVP.
3. **New Clients**: Recent customers added to Ethyca’s portfolio include Axios, Mozilla, Ramp, and Remitly.
4. **Company Background**: Ethyca, established in 2018 and based in New York, provides a data privacy and governance platform that integrates with well-known SaaS solutions.
5. **Product Capabilities**:
– The **Fides open-source platform** allows organizations to identify personally identifiable information (PII) and create GDPR-compliant data maps.
– It automates system mapping for data inventory and ensures compliance with consent management in data workflows.
– The platform provides real-time visibility into data flows, ensuring AI models adhere to compliance standards.
– It facilitates automated privacy requests and integrates easily with various organizational systems and vendors, enhancing efficiency and reducing costs.
6. **Future Plans**: The latest investment will be directed towards enhancing product capabilities and expanding Ethyca’s team to meet the growing demand for its services.
7. **CEO Statement**: CEO Cillian Kieran emphasized Ethyca’s focus on addressing critical data governance challenges, particularly around ethics, trust, and compliance in data privacy.