With the General Data Protection Regulation law set to go into effect later this year, companies are scrambling to make sure they stay compliant with new data privacy rules — that means more business for startups like Integris.
The Seattle-based company just raised another $1.5 million from existing investors Madrona Venture Group and Amplify Partners to help meet demand from customers who are managing customer data.
The General Data Protection Regulation, or GDPR, is a sweeping new data protection law that goes into effect across Europe this May that will change the way tech companies do business anywhere on the continent. The GDPR sets strict new expectations for data handling and carries stiff fines for companies that violate those regulations.
“It has really heated up the data privacy market and created a lot of urgency among companies to ensure they are taking the right steps to be compliant in advance of the deadline,” said Integris CEO and co-founder Kristina Bergman.
Integris has developed a “privacy intelligence solution” that utilizes a combination of machine learning, natural language processing, data mining, and much more to help companies automate how they manage customer data. The software, which operates both on premise and in the cloud, is used by companies like eBay, Perkins Coie, and Orange France Télécom.
Bergman said that nowadays, data privacy compliance is “a technology issue more than just a legal issue.” Many existing solutions are too manual or just manage workflow, she noted, versus providing insight into where exactly the data sits and how it’s being used.
“We actually go in and map people’s data, help them tag it and classify it, and then apply policies to it so they can understand whether or not they are in or out of compliance based on what’s actually happening with the data in their organization,” Bergman explained.
Part of the reason Integris raised the $1.5 million round this month is because it plans to raise more funding later this year.
“Our current investors wanted to make sure that with the next round of funding, they didn’t get squeezed down in terms of an ownership position, especially given the incredible amount of focus and attention that data privacy is getting these days,” Bergman said.
Bergman, previously a principal at Ignition Partners and a manager at Microsoft, co-founded Integris with long-time tech executives Uma Raghavan and Raghu Gollamudi. The company employs eight people and plans to grow as a result of the new investment. Total funding to date is $4.5 million.
