Data Privacy Company OneTrust Secures $200M in Funding
Friday, July 12th, 2019
OneTrust today announced it has closed a $200 million Series A investment led by Insight Partners. The enterprise software company founded in 2016 is now valued $1.3 billion.
Organizations are facing the burden of having to comply with an increasingly complex set of privacy and security laws and standards in order to do business, most notably the California CCPA, European GDPR, ISO27001, and hundreds more. These laws require organizations to formalize how they keep track of personal data, have better decision making around their use of data, and provide transparency and choice to consumers.
OneTrust has quickly grown to address these challenges through three primary software offerings:
OneTrust Privacy Management Software: Helping organizations map and assess their data collection processes, respond to incidents, and automatically generate compliance reporting for any privacy law.
OneTrust PreferenceChoice™: Consent and preference management software to help marketers provide transparency and choice in their customer engagement efforts.
OneTrust Vendorpedia™: Vendor and Third-party risk management software and vendor risk exchange to help security, risk, and procurement professionals know that their vendors are safe to do business with.
Products within these offerings are popularly used to automate CCPA and GDPR requirements of "right to be forgotten," "access," and "do not sell."
In three years, OneTrust has scaled to serve more than 3,000 customers in over 100 countries with a team of 1,000 employees across 8 worldwide locations. OneTrust's 50+ patents help make the company's offerings unique in the market. The intelligence in OneTrust is powered by the world's most in-depth data set of privacy and security regulations in OneTrust's DataGuidance database, updated daily by over 40 in-house privacy and security researchers, and a network of 500 lawyers across 300 jurisdictions.
"New privacy regulations, like the California Consumer Privacy Act and GDPR, are a direct market reaction to consumer demand for improved data privacy protection," said Richard Wells, Managing Director at Insight Partners. "OneTrust's strategic vision, stellar execution, and product innovation have shaped the company's leadership in the privacy and compliance space, providing customers with the tools to implement their own best in class privacy, security, and third-party risk programs. We are looking forward to partnering with the OneTrust team to further accelerate growth and capitalize on their strong position in the market."
"It's been an exciting three years at OneTrust with our customers partnering with us to define and build the most widely used technology platform in a completely new market," said Kabir Barday, CEO and Fellow of Information Privacy (FIP), OneTrust. "This investment will help us to bring a new level of scale and support for our customers, coming at a timely juncture with just six months before California's CCPA is set to be enforced."