Compliance software provider Egress gets $40m funding
Egress, a provider of data privacy and compliance software, has raised $40 million in a Series C financing round led by FTV Capital, with participation from existing backer AlbionVC.
Egress will use this investment for growth in Europe and North America, as well as the development of new technology across its data security platform.
The firm says it helps enterprises protect unstructured data to meet compliance requirements and drive business productivity.
Tony Pepper, CEO and co-founder of Egress, comments: “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.”
The company’s artificial intelligence (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.
“Egress helps 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,” Pepper adds.
Since raising $3.6 million in Series A funding in February 2014, Egress has grown its accounting rate of return (ARR) by 9x, acquired over 2,000 customers and now has more than five million users globally.
The US State of Delaware is an Egress client, and has been using the technology to help protect highly sensitive data and manage compliance.
“As a regulated US Government State Agency, we recognised the importance of selecting a best-of-breed security partner,” explains director of network engineering Mark Cabry. “Egress has helped us to maintain privacy and mitigate risk when sharing data across and outside government, leading us to deploy the service state-wide.”
As part of the transaction, FTV partner Kyle Griswold will join the Egress board of directors.