SAN FRANCISCO — DataGrail, which operates a data privacy platform, has closed $45 million in Series C funding in an oversubscribed round that brings the company’s total funding to $84.2 million. Third Point Ventures led the round, with participation from Thomson Reuters Ventures and Sixty Degree Capital as well as previous investors Felicis Ventures, Operator Collective, Next47, Cloud Apps Capital and others.
Third Point Ventures Partner Dan Moskowitz will join DataGrail’s Board of Directors as the company continues to scale to meet the needs of an evolving data privacy landscape.
Serving companies from mid-market to the world’s largest enterprises, DataGrail’s rapidly growing client base consists of companies that depend on the platform to help effectively manage massive amounts of personal data. Leaders like Salesforce, New Balance, Instacart, Skillshare and MyFitnessPal have chosen DataGrail as their solution to build trust with consumers while staying on the right side of an expanding list of state, national and international data privacy regulations.
This funding comes as the burgeoning global data privacy software market was $1.68 billion in 2021 and is projected to hit $25.85 billion by 2029 as more organizations aim to optimize their privacy practices. Even the most well-intentioned companies aren’t sure about where all of their data lies and/or how to adhere to customer requests efficiently without a negative impact on their businesses. Not only that, privacy regulations—such as GDPR or CPRA—are often vague, hard to understand, yet require organizations to collaborate with colleagues who have less knowledge about the laws and their requirements.
DataGrail aims to help, not only with its industry-leading software platform but through a newly launched community that connects privacy professionals so that they can actively learn together and build a privacy powered future. The company also released a new product today—Risk Monitor—that makes it easier for privacy teams to collaborate cross-functionally on privacy-related tasks. Risk Monitor reduces the workload on day-to-day users while evangelizing good privacy practices across companies by unpacking the legalese behind data privacy initiatives when filling out risk assessments—like DPIAs, PIAs or any third-party assessments required.
“DataGrail is leading companies through a period of radical transformation in which consumers are demanding changes that alter how business is conducted,” said Moskowitz. “The company removes the complexity from data privacy management to enable businesses’ actions to match their intent and their policies. In return, companies are better positioned to win consumers’ trust at a time when customer acquisition and retention is essential.”
“DataGrail’s technology and approach are far ahead of others in the space, and the company can fulfill a vital need for our customers,” said Tamara Steffens, Managing Director of Thomson Reuters Ventures. “We see enormous potential. In fact we are exploring a partnership to introduce the DataGrail platform to the many GCs, law firms and accounting firms who use Thomson Reuters’ solutions.”