Unified data control startup Securiti Inc. today announced that Capital One Ventures and Citi Ventures have become new investors, with the additional funding aimed at bolstering the company’s DataControls Cloud solution.
The amount invested by the banks was not disclosed but was on top of the $75 million raised by Securiti in October. The October round was raised to help accelerate the adoption of a centralized data command center for today’s modern, hyperscale cloud environments.
Founded in 2019, Securiti offers unified data controls through its DataControls Cloud that are designed to unify data intelligence and controls across security, privacy, governance and compliance. The company claims its solution is “revolutionizing an entire category” by allowing organizations to retire disparate legacy solutions that add cost and complexity.
The problem the platform is attempting to solve is one wherein companies use separate software tools to secure their data and ensure that they process it in compliance with privacy regulations such as the European Union’s General Data Protection Regulation. The DataControls Cloud provides security and privacy features in a single platform, allowing companies to replace the multiple software tools they would otherwise have to use with one product.
“Unified intelligence and controls around data are table stakes for modern enterprises,” explained Jaidev Shergill, managing partner at Capital One Ventures. “We invested in Securiti for its potential to bring simplicity, automation and control to an important and arduous task.”
Securiti saw strong growth through its fiscal year 2022, delivering over four times growth in total contract value and over three times growth in annual recurring revenue, though it didn’t provide more specifics. Notable customers include Cisco Systems Inc., Hertz Corp., Dell Technologies Inc., Dropbox Inc., Instacart Inc., Southwest Airlines Co. and Alaska Airlines Inc.
“Securiti is providing a critical solution to the challenges created by handling tremendous amounts of data,” said Vibhor Rastogi, global head of AI/ML/data investing at Citi Ventures. “As cloud adoption continues to grow, companies must keep data secure from external threats, adhere to regulations and ensure responsible data usage. By delivering a modern, unified architecture, Securiti is easing the burden on security, privacy and governance leaders across industries.”
Although the amount of the investment from Citi and Capital One was not disclosed, according to Crunchbase Securiti had previously raised $156 million. Previous investors include Mayfield Fund LP, General Catalyst Group VII LP, Owl Rock Capital LP, Workday Ventures LLC and Cisco Investments LLC.