The General Data Protection Regulation (GDPR) has been established for more than a year now, though companies are still struggling to adhere to data privacy regulations. New York City startup, Ethyca, has come up with a solution to assist customers with the compliance of the regulations. Today the startup announced a $4.2 million investment from Founder Collective and IA Ventures. Sinai Ventures, Table Management, Cheddar founder Jon Steinberg, and Moat co-founder Jonah Goodhart also got involved.
Sticking to the rules
Ethyca is primarily a data platform that aids companies to find sensitive data and then gives them the option to view, edit, or remove the data from the system. The platform also allows companies to decide who can use certain kinds of data throughout the organization in order to better manage accessibility. These functions are made to assist companies with the compliance of the GDPR rules.
Co-founder and Chief Executive Officer of Ethyca, Cillian Kieran, says that the automation attribute is essential, and it should significantly drop the complications and costs related to conforming with the GDPR policies.
“These solutions don’t actually solve the issue from an infrastructure point of view. I think that’s the distinction. You can go and use the consultants, or you can use a control panel that tells you what you need to do. But ultimately, at some point you’re either going to have to build or deploy code that fixes some issues, or indeed manually manage or remediate those [issues]. Ethyca is designed for that and takes away those risks because it is managing privacy by design at the infrastructure level,” says Kieran.
According to Kieran, there’s no need to worry about sharing data with third parties, as Ethyca apparently doesn’t ever see the raw data.
“We are a suite of tools that sits between business processes. We don’t capture raw data, We don’t see personal information. We find information based on unique identifiers,” Kieran explained.