SAN JOSE, Calif. (Aug. 8, 2019) -- SECURITI.ai, an innovator in AI-powered cybersecurity and data protection infrastructure, today launches out of stealth to announce a Series A funding and simultaneously 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.
SECURITI.ai’s $31M Series A funding is led by Mayfield and Navin Chaddha, with participation from General Catalyst and Steve Herrod. Also participating is a strong lineup of leaders and visionaries from data management, cybersecurity and identity management industries, including Founder and COO of Okta, Frederic Kerrest, former COO of Symantec, Mike Fey and former CEO of Informatica, Sohaib Abbasi. The new funds will bolster its 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.
Enterprises want to be trustworthy custodians of the people’s data. However, fulfilling people’s data requests and full compliance with dozens of data privacy regulations like CCPA and GDPR is extremely complex to do manually, as people’s data often sprawls across hundreds of internal systems and vendors. PRIVACI.ai is the world’s first full-stack PrivacyOps platform that helps automate all major functions needed for privacy compliance in one place. It would help enterprises to automatically fulfill people’s data requests and provide the systems and automation needed to comply with a myriad of global data privacy regulations. Organizations can use it to fulfill their data request obligations more reliably in hours instead of weeks, at a fraction of the cost of manual operations, while significantly reducing the risk of financial penalties and keeping their customers delighted.
Enter PRIVACI.ai: The World’s First Full-Stack, AI-Powered PrivacyOps Platform
PRIVACI.ai foundational PrivacyOps platform helps automate all major functions needed for privacy compliance in one place. It currently includes the following key modules that simplify and operationalize privacy compliance. These include:
Personal Data Finder and Owner Identifier
Enabled by deep learning, it not only discovers personal data from hundreds of structured and unstructured data sources but also identifies the owner of the personal data.
Data Request Fulfillment Automator
Enabled by bots, it helps fulfill the data request from the people by investigating the systems and objects holding personal data, involving all internal stakeholders, then gathers data into a report for review and approval.
Secure Data Request PortalA cyber-secure portal that enterprises can embed in their public-facing websites to collect people’s data requests, with built-in technology that protects against identity fraud, malicious use, and theft of personal data.
Consent Lifecycle ManagerIt helps collect user consent from various collection points within the organization (web, mobile, etc) and centralizes consent records in one searchable place.
Third-Party Privacy AssessmentIt’s the system of knowledge, record, collaboration, automation and insights to continuously assess third parties for privacy risks.
Third-Party Privacy RatingsIt provides independent ratings on enterprises for privacy risk, based on publicly available information about their data collections, data handling practices, as well as breach risks.
Privacy Assessment AutomationIt’s the system of knowledge, record, collaboration, automation, and insights to continuously assess internal systems for compliance with privacy regulations.
Built into this PrivacyOps platform is the robotic assistant - Auti. The Auti’s natural language interface answers questions about various aspects of an organization’s privacy compliance, a person’s sensitive data, personal information risks, vendor privacy assessments etc, and can also assist in actually doing important tasks like data request fulfillment. Collaboration is brought to sensitive PI data with a built-in multi-channel team collaboration system, preventing PI sprawl typically caused by sending personal data over email or other general messaging systems.
“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.”
“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”
"Protecting the privacy of customer data is becoming a top issue for companies on the reputation, business, and compliance fronts", said Dr. Steve Herrod, managing director at General Catalyst. "However, it can be extremely challenging to find, report on, and potentially delete this information when it lives across disparate systems and applications. SECURITI.ai's products are focused on precisely these challenges, and I'm thrilled to be an investor."
SECURITI.ai was formed in 2018 with an all-star team of executives and technologists from Symantec, Elastica, Bluecoat and Cisco. Its President & CEO, Rehan Jalil was previously CEO of Elastica and SVP and GM of Cloud Security at Symantec, where he and his team built the company’s cloud security platform into the fastest-growing business across Symantec, with triple-digit growth each quarter, for seven quarters in a row. Before Symantec, Jalil merged his last company Elastica for $280M with Bluecoat and the combined company was subsequently acquired by Symantec for $4.7B.
For more information on job opportunities or PRIVACI.ai, please visit SECURITI.ai
It’s the system of knowledge, record, collaboration, automation, and insights to continuously assess internal systems for compliance with privacy regulations.
SECURITI.ai is an innovator of AI-Powered cybersecurity and data protection infrastructure. It’s product-suite, PRIVACI.ai is the world’s first PrivacyOps platform that helps automate all major functions needed for privacy compliance in one place. It enables enterprises to give rights to people on their data, be responsible custodians of people’s data, comply with global privacy regulations and bolster their brands. SECURITI.ai is built by data protection and cybersecurity veterans and is backed by Mayfield Fund and General Catalyst. Its headquartered in San Jose, CA. To learn more, please visit SECURITI.ai and PRIVACI.ai
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