The rapid growth of data and the expansion of data regulations such as GDPR and CCPA are putting enormous pressure on companies to know only what they have and to exercise the necessary controls that the growing body of legislation demands.
Enter Security, a startup launched in 2019, with the idea of initially focusing on one data control, data privacy. But the company had a vision to build a broad service platform to deal not only with privacy, but also with data security, management and compliance.
Today, DataControls Cloud announced a $75 million Series C round for its comprehensive data security cloud. The company has now raised more than $155 million in three years.
The idea behind the data security cloud is to provide a layer of data protection wherever the data resides, be it from the three big cloud infrastructure players – AWS, Microsoft and Google, data infrastructure players like Snowflake or Databrick or as SaaS applications. Box or Salesforce.
The company’s founder and CEO, Rehan Jalil, said that the product is to control the information in all its forms. “What we’ve learned is control is the keyword, risk controls around data, whether that’s through the lens of security, privacy, governance or compliance,” he told TechCrunch.
The regulatory environment and the desire to please consumers means that companies must protect data on all these different dimensions, and if they get security, privacy and governance right, compliance will naturally follow.
It seems to be working. According to him, the company has been scoring seven or eight contracts, which is unusual for a three-year-old startup. It has posted triple-digit growth quarter-on-quarter, which has attracted investor attention, even at a time when VC dollars are a little harder to come by than in years past.
The company was not shy about hiring employees. In the year By the time of its $50 million Series B in 2020, it already had 185 employees. Today it has around 370 and plans to double that next year. In fact, it currently has 50 vacancies.
As we build this company and continue to add employees to our portfolio, it is important to create a diverse and inclusive culture. “If you don’t have an inclusive culture, if you don’t have diversity, you don’t have an environment where people can openly collaborate. They have elections especially in the last two years,” he said. He believes that if the employees do not like the work environment, they will vote with their feet.
Today’s investment was made by Owl Rock Capital, a division of Blue Owl Capital, with participation from existing investors Mayfield and General Catalyst. Blue Owl Capital’s Pravin Vazirani will be a member of the security’s board of directors as per the agreement.
