Privitar has closed a $40m Series B funding round led by global venture capital firm Accel.

The data privacy software company’s funding round also saw participation from existing investors such as Partech and IQ Capital.

Seth Pierrepont, Partner at Accel, will also join Privitar’s board of directors.

Privitar intends to use the investment to accelerate the development of its privacy engineering products for its customers which include HSBC, NHS Digital and BT.

Jason du Preez, CEO of Privitar, said: “The world is increasingly aware of the importance of protecting private information and privacy engineering is becoming intrinsic to the way organisations manage and share data.

“This investment will enable us to scale rapidly in response to global demand and help our customers realise the enormous benefits of data-driven decision making, much faster and with less risk.”

Seth Pierrepont from Accel added: “There has been a noticeable increase in enterprises’ appetite for buying data privacy technology in recent years.

Through the team’s deep domain expertise and close ties to academia, Privitar has positioned itself as a thought leader in privacy innovation.

“We’re excited to be joining Privitar on its mission of becoming the standard for enterprise data privacy.”