London-based privacy and security solution for engineering teams, Soveren has closed $6.5 million seed round. The company analyzes real-time data flows inside the company’s infrastructure to discover personal data and detect privacy risks.
With an estimated 10 million companies at risk of being slapped with a GDPR (and a host of other regulatory obligations) fine due to lack of their ability to detect and resolve privacy incidents and risks, Soveren stands at the epicentre of solving a serious problem. While many software solutions can, and do, successfully address security threats, it’s the privacy side of things where Soveren aims to take the bull by the horns.
The company’s foundation lies within the fact that they believe that privacy has to be embraced by engineering teams, and not simply left to the legal department alone. In so much, privacy, unlike other confidential data that can be isolated and walled off, personal data is actually meant to be accessed, used, and shared in the day-to-day operation of just about any business. With limitations, and lack of unintended exposure.
“Privacy is the new security. Engineering and security teams demand automated, functional, and easy-to-install privacy solutions as their bandwidth for anything else is severely limited. Soveren steps in by providing the much-needed simplicity in privacy compliance,” commented founder and co-CEO Peter Fedchenkov.
Founded in 2020, Soveren has already secured the patronage of 10 major customers across the software, e-commerce, travel, fintech, and healthcare sectors in both Europe and North America.
“The spread of personal data across a company’s applications, services, and APIs has become near impossible to track. Soveren's technological edge results in the ability to easily discover personal data, identify privacy risks, and suggest effective control measures,” noted PandaDoc CTO and founder Sergey Barysiuk.
Soveren’s $6.5 million seed round was led by firstminute capital and joined by Northzone. Angel investors include 11 unicorn founders and a group of global CEOs. The founders of Airbnb, Datadog, MuleSoft, Snyk, and Color invested alongside The Branson family via Holly Branson, Virgin’s chief purpose and vision officer, the Chairman CEO of Palo Alto Networks, and other undisclosed individuals.
“At Virgin, our customer relationships drive the entire Virgin ethos, and the way we handle personal information is an extension of this. The Branson family are delighted to be investors in Soveren, whose mission and innovative technology will enable many more businesses to become better stewards of personal data,” commented Branson.