Data Security Startup Privado raised $14 million in Series A co-led by Insight Partners and Sequoia Capital India where existing investors including Together Fund and Emergent Ventures also participated.
Privado primarily addresses the privacy concerns that businesses around the world face. The company runs an open-source code scanning platform that detects data usage, discovers data flows, and flags privacy issues like excessive user permissions and data leaks. The funds will be used to improve Privado’s technology stack, expand its team, and expand its open-source community. Privado claims to have resolved over 600,000 privacy solutions for companies such as Thrasio and Zego. Its founding team has previously led tech company product and engineering teams. According to a report, the country’s data security industry is expected to reach $21 billion by 2025, growing at a 16% CAGR between 2020 and 2025.