Accessing and sharing data is a complicated issue for large businesses, and doing this in a secure, compliant way is a problem for many. London-based data software firm eXate is attacking this problem and has now raised a £2.3 million seed round led by Outward VC, with additional backing from ING Ventures and Triple Point Ventures.
EXate is competing with those that tend to do more specific types of data privacy, such as Hazy, Privitar and Very Good Security. By contrast, eXate says it aggregates multiple types of privacy into one solution, and provides central governance and control.
EXate was founded by Peter Lancos and Sonal Rattan, former digital business leaders at HSBC. Its clients include ING, its new investor.
Peter Lancos, CEO, eXate, said in a statement: “Organisations that store and process large volumes of data experience many challenges when it comes to data sharing. We see the biggest obstacles arise from the lack of joined-up thinking. The use of expensive multiple single-point solutions, coupled with monitoring complicated country-by-country policies adds time and budget to data initiatives.”
The funding will enable eXate to capitalize on DataSecOps demand by growing its team, accelerating platform development and expanding into new geographies and verticals.
Andi Kazeroonian, investor at Outward VC, commented on the investment: “Ensuring the protection of sensitive data is a mission-critical challenge for companies that wish to utilise data to deliver value to its stakeholders. eXate’s unique platform provides companies with the tools it requires to ensure data privacy and protection by design.”