CYTRIO Secures Funding to Solve Mid-Sized Businesses Facing Compliance Issues
Due to deployment complexity, significant time-to-value, and the necessity for dedicated privacy teams, current data privacy rights management solutions developed for large firms are not fit for mid-market organizations.
FREMONT, CA: According to a recent survey, 86 percent of respondents care about their data privacy and want more control over their personal information, with 79 percent prepared to take action to achieve that control. This, combined with the rising trend of data breaches, in which billions of personal data records are exposed each year, has prompted the emergence of modern data privacy regulations, such as the California Consumer Privacy Act of 2018 (CCPA), the California Privacy Rights and Enforcement Act of 2020 (CPRA), the Virginia Consumer Data Protection Act (VCDPA) of 2021, and the Colorado Privacy Act (CPA) of 2021.
To solve the issues that mid-sized businesses face in complying with ever-increasing data privacy rules, CYTRIO, a data privacy compliance firm, has acquired 3.5 million billion in seed funding. Angel investors and institutional seed investors have backed CYTRIO, including Dreamit Ventures, Food Retail Ventures, and Rockwood Group. Vijay Basani, Chief Executive Officer; Pankaj Parekh, Chief Privacy Officer; and Darshan Joshi, Chief Technology Officer, were among the CYTRIO founding team, who collectively have 50 years of data, privacy, and security experience.
Due to deployment complexity, significant time-to-value, and the necessity for dedicated privacy teams, current data privacy rights management solutions developed for large firms are not fit for mid-market organizations. SMEs are being forced to identify and solve privacy and security holes across their expanding infrastructures due to increased competitiveness and accelerated digital transformation. Due to consumer trust erosion and privacy regulation fines, SMEs cannot withstand customer boycotts or brand reputation damage.
The experience of the CYTRIO founding team is well-suited to respond to the urgent need for a mid-market solution that enables automated data discovery, built-in response work-flows, ease of deployment, and short time-to-value for CISOs and CPOs. Vijay Basani has 30 years of expertise in the IT industry, having founded companies such as WebManage Technologies (bought by NetApp), AppIQ (purchased by HP), and Cygilant. Pankaj Parekh has worked at Zscaler, Microsoft, Security First, iPolicy Networks, and other companies as a CPO, CTO, and VP of engineering. Darshan Joshi has worked with Informatica, Symantec, and Veritas as an SVP and VP of technology and engineering.