SAN JOSE –SECURITI.ai, a developer of AI-powered cybersecurity and data protection infrastructure, has launched out of stealth and raised a $31 million Series A funding led by Mayfield and with General Catalyst participating.
The startup also unveils its first product PRIVACI.ai. It is the world’s first ‘PrivacyOps’ platform that helps automate all major functions needed to comply with a myriad of complex global privacy regulations in one place, using the power of artificial intelligence and skillful bots.
The new funds will help expand the company’s rapidly growing headcount of 130 team members and scale the PrivacyOps platform to support new customers and ever-evolving regulations and amendments globally.
On Jan.1, 2020, California’s Consumer Privacy Act (CCPA) goes into effect giving California consumers the right to ask any company globally what data is being collected about them, how it’s being used and ask enterprises to stop selling and even erase their personal data. Companies that handle personal data of California residents must comply with the new rules or face a $7,500 fine for each violation. Furthermore, CCPA effectively crowdsources enforcement by allowing class-action lawsuits placing an estimated 500,000 businesses at risk.
“GDPR and CCPA are the tip of the iceberg with dozens of global privacy regulations in the works. We’re on a mission to make it easy for businesses to be responsible custodians of people’s data, comply with global privacy regulations and bolster their brands,” said Rehan Jalil, President & CEO of SECURITI.ai. We look forward to making privacy compliance simple, automated and cost-effective for our customers”
“Through our decade-long partnership over his two successful companies, I have realized that Rehan is the definition of a serial entrepreneur – a big thinker and successful culture builder with an ability to see around corners and walk through walls,” said Navin Chaddha, Managing Director of Mayfield. “We are honored to partner on his team’s newest venture, SECURITI.ai. Their first product suite, PRIVACI.ai is targeting one of the biggest problems facing society today – how businesses can build trust equity with people, by allowing them to own and guide the use of their personal data. By leveraging the power of AI, and building a delightful product, I’m confident that PRIVACI.ai will become the gold standard for PrivacyOps, a movement that will become mainstream in enterprises going forward.”