Cytrio launches with $3.5M to help SMEs meet data privacy regulation demands – TechCrunch

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Cytrio, a Boston-based data privacy and compliance startup, has launched its software-as-a-service privacy rights administration platform after touchdown $3.5 million in seed funding.

The funding was secured from angel traders and institutional seed traders, together with Dreamit Ventures, Food Retail Ventures and Rockwood Group, and values the corporate at “north of $10 million”, Cytrio co-founder and CEO Vijay Basani instructed W3Techy.

The increase additionally included Cytrio’s founding staff. This consists of Basani, who beforehand based WebManage Technologies (acquired by NetApp), AppIQ (acquired by HP) and Cygilant, in addition to chief privacy officer Pankaj Parekh, who beforehand labored at Zscaler and Microsoft.

Cytrio’s founding staff claims greater than 50 years of data, privacy and safety expertise. The startup stated it’s trying to serve mid-market firms, which Cytrio claims typically battle to undertake data privacy rules due to the truth that present privacy rights administration options are costly, advanced to deploy and tough to use. The firm says it’s filling this hole with its privacy rights administration platform — constructed on AI-led data discovery and automatic response workflows — which can help small and medium-sized firms comply with a spread of rising privacy laws, together with in California, Virginia and Colorado.

“Current first-generation privacy rights management solutions on the market do not play well in the mid-market due to deployment complexity, long time to value and the requirement of dedicated privacy teams,” Basani instructed W3Techy. “Cytrio is challenging this paradigm with a next-gen privacy rights management solution where we believe we can deliver value on day one.”

Basani provides that “data privacy compliance is about to get even more critical”, with “a slew of new Acts, heftier fines and potential impacts on revenues going to hit companies found unprepared.”

“While enterprises can absorb some of these challenges and have the resources to manage data privacy mid-market companies simply do not. We are going to fix that,” he says.

Cytrio tells W3Techy it should use its $3.5 million seed increase to broaden its staff (from a headcount of 23 and increasing to greater than 40 staff within the subsequent 12 months), to validate its product and to obtain annual recurring income of greater than $250,000.

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Source: techcrunch.com