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Osano raises $11M in funding from Jump Capital to support its international expansion and hire for sales marketing and engineering. It witnessed significant growth and has over 10 percent of the Fortune 500 as paying customers
Texas-based Osano, a data privacy platform that helps a website become compliant with laws like General Data Protection Regulation (GDPR), raised $11 million in funding from Jump Capital, which it calls Series A1, following its $5.4 million Series A funding in 2019, reports state.
Existing investors, LiveOak Venture Partners and Next Coast Ventures participated in the funding round. It is reported that with the close of this round, the total amount raised by the company touches $22.3 million. Osana, founded in 2018, provides a SaaS platform to help companies monitor and manage their risk and compliance with privacy laws, granting users access to more control over their personal data.
Compliance isn’t exactly fun, no matter how great the product is, and … new remote mode[s] of work [due to the pandemic] ended up giving companies a lot of excuses to dust off the ‘projects we’ve meant to get to’ notebook,Arlo Gilbert, CEO of Osano
Arlo added in his statement that over the course of 2020, the startup witnessed significant growth and has over 10 percent of the Fortune 500 as paying customers. Venturebeat reported that Osano’s other products include consent and preference management, handling tasks involving soliciting permission from visitors, employees and vendors before processing their information.
Our customers are often struggling to build workflows and the average [subject rights management] request by one single individual takes an average [company] more than 33 hours to complete. Currently, companies rely primarily on assessments and manual reviews of security and privacy documents. Osano turns this into a real-time, auto-updating vendor monitoring program, [tracking] the privacy practices of vendors, litigation against vendors federally and in 28 states, and changes to documents such as privacy policies and other compliance statementsArlo Gilbert, CEO of Osano
Osano stated that it would use the proceeds from the funding to support its international expansion and hire for sales marketing and engineering.