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Ethyca’s Additional $13.5 Million in Series A Funding Drives Momentum for Automation Features
Ethyca provides a self-service privacy compliance solution that eliminates the need for manual input. This reduces the potential for human error for companies in scope of stringent privacy regulations such as the GDPR, CCPA, and Brazil’s LGPD. Ethyca Pro automates the processes around data mapping, consent management, and the management of data subject requests, including access, editing, and erasure. Ethyca CEO Cillian Kieran equates the capabilities of Ethyca Pro to a privacy version of TurboTax, as the product enables users to connect with privacy engineers throughout the implementation process for assistance and advice.
The company has recently announced it received $13.5 million in Series A funding, an impressive feat considering the current pandemic-infused economic uncertainty. The additional funding will continue to support the company’s product growth. Ethyca plans to introduce automated impact assessments for data scientists and engineers as additional feature sets over the upcoming months.
Our Take
When possible, automate. The complex set of processes involved in data flow mapping, combined with an ever-changing regulatory environment, creates a considerable set of challenges for organizations that are often times inexperienced or new when it comes to privacy management. While the move to automate is not necessarily groundbreaking in the data privacy, data classification, and data discovery sphere, Ethyca Pro’s emphasis on linking the automation capabilities from data flow mapping right through to consent management is ideal for the business or IT leader whose aim is to better understand their data privacy ecosystem. However, the true feature to watch, in my opinion, is the automation of impact assessments. This will transition the current product from effective to forward-looking for those IT and privacy teams looking to adopt a strategic approach to a privacy program management.