Data management platform Immuta has raised $20 million in Series B funding, bringing total investment in the company to $29.5 million. The round was led by DFJ Growth, with participation from Dell Technologies Capital, Citi Ventures, and prior investors Drive Capital and Greycroft.
Immuta, which was founded in 2014, allows data scientists and governance professionals to work together to write customised condition-based policies managing how data is rendered, accessed and shared. According to the company, “Immuta is the fastest way for algorithm-driven enterprises to accelerate the development and control of machine learning and advanced analytics”, and aims to improve privacy, visibility and efficiency all at once.
The law cannot keep pace with technology. As analytics and AI advances faster than any other technology category, the gap between regulation and analytics also increases.
– Matthew Carroll, CEO and Co-founder, Immuta
“The law cannot keep pace with technology. As analytics and AI advances faster than any other technology category, the gap between regulation and analytics also increases. Unfortunately, enterprises rely on legacy, application-centric approaches to close this gap, adding complexity and slowing down their data science teams, while wasting millions in capital,” said Matthew Carroll, co-founder and CEO of Immuta. “Immuta has been steadfast in helping enterprises accelerate their AI programs through highly automated data management and dynamic policy controls, resulting in algorithms that are auditable and compliant. This investment validates our success in achieving these goals for our customers and partners.”
Given the increasing demands and complexity of regulatory compliance, it’s not surprising that the past year has been a successful one for Immuta – as well as closing its first funding round in February 2017, customer revenue grew over 260% year-on-year, with clients including big names such as Orange and Barclays.
“We’ve witnessed the explosion of digital data fueling a proliferation of data science and AI initiatives around the world with the goal of improving customer experience, generating revenue or increasing operational efficiencies. Simultaneously, there has been a growing awareness about the importance of data governance and data privacy,” said Mark Bailey, co-founder and Partner at DFJ Growth. “Immuta’s compliance and governance solutions enable data science initiatives to proceed at high speed, while ensuring appropriate data governance and regulatory compliance. We’re thrilled to be partnering with the Immuta team on this next and very exciting phase of their growth.”
The company says that the investment will be used to accelerate global customer growth, and extend product leadership for the platform.