Privitar was established in 2014 with headquarters in London and offices in New York and Paris. The company raised $16m in a Series A funding round in July 2017, with support from existing investors IQ Capital, 24Haymarket and Illuminate Financial and new funding from Partech Ventures, CME Ventures and Salesforce Ventures.
For Citi, the investment recognises the increasing strategic importance of privacy engineering in its data priavacy operations.
Stuart Riley, global head, operations and technology, markets and securities services, Citi, says: “Our investment in Privitar demonstrates our commitment to help clients make fast, data-informed, decisions through smarter use of machine learning and cloud compute whilst ensuring the security and privacy of the data.”
Jason du Preez, CEO at Privitar says the investment will support the company’s international expansion, particularly in the US where it plans to grow its existing teams on the East Coast.
“We are excited to partner with Citi, particularly as we expand operations in the United States,” he says. “This deal demonstrates the vital role that data privacy technology has to play in maintaining trust and building confidence in the global data ecosystem.”