CCPA regulations coming to the US have given a renewed focus on how online companies are handling data privacy and compliance issues. Today a startup has created a platform to help them navigate the water that is announcing a round of funding to meet that demand.
ATHECA, which lets organizations identify where sensitive data can be used and then provides an easy set of API tools to create permissions, reporting and analytics for it, financing after taking on several major companies Has invested $ 13.5 million, including some high. -Profile tech companies, as customers.
The issue that Ethica is tackling is that online privacy has become an important issue because of compliance rules, but mainly in the online world, before anyone gets a chance to blink an eye. Become an important component. Getting the wrong things can be disastrous.
“Move fast and break things look good on a t-shirt, but the web is effectively the society’s infrastructure now,” explained Cillian Kieran, co-founder and CEO, who hails from Ireland, but now New York lives in. “If you met a bridge builder, wear a T-shirt saying that you are nervous. So despite the ubiquity of technology, we do not have the tools to deal with privacy issues. The objective here is to build secure systems, and we provide data and data maps to do so. “
Funding comes on one’s back Seed round Etheka picked up in July 2019 And the total raised brings about 20 million dollars.
IA Ventures, Affirm and PayPal cofounder Max Levchin’s SciFi VC, CAA cofounder Michael Ovitz, Warby Parker cofounders Neil Blumenthal and Dave Gilboa, Harry’s cofounder Jeff Raider, Allbird’s cofounder Joey Zwillinge, Behance cofounder Scottels Scots Science & Technology Policy DJ Patil, Lachi Groom and Abstract Ventures make a long list of high-profile names and firms that are a part of this latest round, which speak for some of New York-based Athens’ traction and attention. Till date.
On the enterprise side, the company works with a number of large tech businesses, including banks and some leading tech companies, which do not want to disclose their names to help both better map personal data within their systems, as well Also create better workflows. Removing that information when it is requested by a user, or for reporting purposes for data compliance regulations, or more often to ensure that when new products are being created, they will use that existing personal data This complies with the data policies in the account.
If it seems strange that a tech company may have to turn to third-party startups for privacy services, it is not very strange. Even in large technology companies, which may have spent years and millions of dollars preparing privacy rules, the complexity means that not all use cases can be accounted for.
At the small end of the scale, it has several well-known brands such as accessories company Away, Parachute Homes and Aspire IQ, as well as many other small businesses that implement its equipment.
As Kiran describes it, while Europe already has other tools to navigate data protection and privacy regulations such as the CCPA and GDPR (OneTrust and DataGuard are two in the startup sector that have risen to the big stage), Atheka’s The objective is to create a layer that makes it quick and relatively easy to implement a compliant layer in a system.
The company has an API, but has now introduced a self-service version of its product for small businesses, meaning that “any customer can turn it on and follow the automated process in a turbotax type.” “
It can take 8–10 weeks to implement CCPA compliance, and you need a consultant and more technical talent to work and to run services later, he said. “Now this can be done in as little as an hour for an average midsized business.” He said that large companies may take a few days.
Kiran and his co-founder Miguel Berger-Calderón are already aware of some of the issues that brands and other online businesses may face when it comes to identifying what kind of data may fall under these new rules Is, and challenges to navigate once. you do. BrandCom, a previous company they both founded, helps brands and businesses build and run D2C operations online. (You can also see, therefore, why Atheca may have run exclusively to investors.)
“Said Roger Ehrenberg of IA Ventures in a statement,” Companies can no longer simply strive to be compliant and enterprises need to think long-term and show their customers that they can be trusted with their data. “” Forward-thinking companies have recognized Atheka’s product value as their bottom line, as you can see from the ever-expanding set of blue-chip brands and technology customers. “