Active Navigation, a data privacy and governance software provider has announced it has closed a $11 million funding round led by venture capital firm Mobeus.
The investment follows a period of strong growth, with Active Navigation adding some of the world’s best-known brands such as BAE Systems, the United States Marine Corps and Voya Financial to its customer portfolio.
With the steady stream of high-profile data breaches, and revelations of monetisation of personal data, consumers are increasingly concerned about how their personal information is being captured, shared, stored and deleted.
The increase in global data privacy regulations such as the General Data Protection Regulation (GDPR) in Europe and the California Consumer Privacy Act (CCPA) in the United States also reflects this societal change – with corporate data governance under increasing scrutiny.
Peter Baumann, Active Navigation’s CEO, said: “Consumers are demanding better protection of their personal information. As a result, there is a pressing need for companies to prioritise data privacy in all their business operations. Active Navigation has an exciting opportunity in front of it, which was the catalyst for this infusion of capital.
“This investment will help us to advance product development and scale rapidly to support our customers with data mapping, data minimisation and regulatory compliance.”
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Trevor Hope, Partner at Mobeus (and incoming board member), added: “Data privacy has emerged as a rapidly growing technology category. After extensive reviews of the vendor landscape, Active Navigation stood-out as a clear leader with remarkable product innovation, an experienced management team and an impressive list of satisfied customers.
“We look forward to working with the Active Navigation team to further foster their growth trajectory and cement their position as a frontrunner in the rapidly growing data privacy market.”
With the round closed, Active Navigation plans to open offices in New York and Los Angeles, increase head-count and expand its network of technology and services partners.
Active Navigation will also use the funds to accelerate the development of its new privacy-oriented SaaS product, scale operations and continue to expand internationally.