All of us at Soveren are super thrilled to announce the round and move out of stealth. We’ve got some of the world’s most desirable investors backing us:
We believe our investors are so excited about Soveren because we are tackling one of the biggest challenges of this decade: shifting privacy from statements on paper to continuous, automated privacy as an engineering discipline.
Privacy compliance is now a requirement for everyone, everywhere. Today, 10M businesses globally are at risk of violating GDPR, CCPA, and other regulatory obligations.
This is because there is a huge privacy void between the legal measures and security software which most businesses rely on when it comes to personal data. There are two reasons for that:
This gives rise to privacy incidents that can result in unacceptable brand and financial damage, as well as regulatory fines, with GDPR fines averaging $1.8M.
Such privacy incidents today fall between the cracks of the existing security and legal measures, and lead to compliance violations and personal data risks.
Let me give you just a couple of practical examples what a privacy incident is:
These privacy incidents and others are fully preventable with Soveren.
These insights are deeply rooted in our first hand experience with the problem as entrepreneurs when we built our previous business in e-commerce, now with $1B+ in revenue. We experienced how personal data protection and compliance today is manual and takes more money, more time, and more effort than it should.
This is what inspired us to start Soveren with a strong belief that privacy has to be embraced by engineering because legal measures are totally insufficient to prevent privacy incidents. In fact, we believe that privacy is the new security and demands similar continuous and automated detection and remediation practices to replace manual, ad-hoc processes.
We are already witnessing that engineering and security teams in many companies are joining forces with privacy professionals. Privacy engineers are emerging within big tech. In the very near future, privacy engineers will be common across the tech space.
Our vision is to facilitate this shift from privacy on paper to privacy as an engineering discipline.
To sum it up, the privacy void is wide open. Security and legal measures are not sufficient. The consequences of privacy incidents can ruin a company's finances and reputation. And there is a significant need for purpose-built privacy tools in order to implement continuous and automated privacy incident detection and remediation.
This is precisely where Soveren steps in to help.
We are pioneering real-time protection of personal data used in day-to-day business operations. This differentiates us from the many tools that can de-identify analytical data or protect sensitive data like credit card numbers, which can be easily stored in a vault or outsourced to a third-party.
Soveren’s technology makes it easy to implement continuous privacy incident detection and remediation. And here’s how:
In short, we provide actionable intelligence into personal data, detect privacy incidents, and suggest effective control measures. The result is a seamless, automated, continuous compliance at a fraction of the complexity and cost.
Besides the prohibitive risk of regulatory fines, GDPR has unleashed a tsunami of requirements that customers and investors alike now expect businesses to comply with. Privacy standards akin to SOC-2 and ISO will soon become prerequisites to do business. Like in the case of security, they will mandate active controls to be put in place with respect to privacy.
Our mission is to help businesses protect personal data and stay compliant with existing and upcoming requirements by empowering engineering and security teams with automated detection and remediation solutions.
We are grateful to our investors, lighthouse customers, and advisors for their support. And we invite more customers and team members to join us on this exciting journey to making privacy what it should be.
Stay tuned :)