Egress Software Technologies, a data startup focused on data privacy and security solutions for unstructured data, announced that it has received $40 million in Series C funding.
Here is an excerpt from a report on Egress published in privateequitywire:
Egress will use this investment to build on its ongoing rapid growth in Europe and North America, as well as accelerate development of new technology across its data security platform.
A market leader in privacy and risk management, Egress helps enterprises protect unstructured data to meet compliance requirements and drive business productivity. The company’s AI-powered platform enables users to control and secure the data they share in line with evolving compliance regulations, including GDPR, the NYDFS Cybersecurity Regulation (23 NYCRR 500), and the recently-passed California Consumer Privacy Act. Since raising USD3.6 million in Series A funding in February 2014, Egress has grown ARR by 9x, acquired over 2,000 customers and now supports more than five million users globally.
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Tony Pepper, CEO and co-founder of Egress, says: “Today’s heightened security threats, combined with an increasingly complex regulatory landscape, means that organisations face considerable risk from data breaches, resulting in reputational damage and significant financial loss. At Egress, we help businesses mitigate this risk by wrapping security around the user and managing their experience using machine learning and AI. This risk-based approach helps users avoid potential mistakes, such as sending information to the wrong recipients, and provides security administrators with insight into behavioural anomalies across the business.
