Atlanta, USA-based provider of a trust intelligence cloud platform, OneTrust, raised USD 150 million in funding. The round took place on July 24, 2023. Generation Investment Management led the financing for the firm. Meanwhile, existing investor Sands Capital joined in the funding.
So far, the company’s total funding amounts to USD 1 billion. OneTrust’s recent round of funding valued the company at USD 4.5 billion.
Purpose of financing for OneTrust
With the latest financing, the company seeks to strengthen its continued growth to meet customer demand for trust intelligence software. Meanwhile, it plans to accelerate platform innovation as organizations scale trust across privacy, security, ethics, and ESG.
What the company’s official has to add
Kabir Barday, founder, CEO, and chairman of OneTrust, said, “Our solutions have never been more mission-critical. In the face of changing regulations and new business initiatives like AI, organizations need the technology to drive trust to the centre of their operations and manage the complex web of privacy, security, ethics, and ESG requirements. We are focused on delivering strong customer experiences and will continue to evolve our platform as our customers’ needs grow. This funding is a testament to our sustained growth, market leadership, and customer-centric innovation. We are pleased to be working with Generation.”
What the investors have to comment
Joy Tuffield, partner at Generation Investment Management, further said, “While critical to driving economic and sustainability progress, the proliferation of data comes with a host of unintended negative consequences, including data privacy and security issues. With OneTrust’s software, companies can protect sensitive data and manage the increasing volume and complexity of regulatory issues. This investment demonstrates our confidence in the company’s vision, leadership, and ability to execute. We are excited to be partnering with OneTrust to make it easier for organizations around the world to demonstrate trust.”
In addition, Ryan O’Leary, research director, Privacy and Legal Technology at IDC, said, “The data privacy compliance market continues to experience significant growth amidst increased regulatory activity.OneTrust continues to lead the market forward and capitalize on this emerging market. We are still in the early stages of this market, but it is poised for longevity.”
About the company
Kabir Barday in 2016 launched the company. OneTrust is a provider of an intelligence cloud platform for organizations to enable the responsible use of data and AI. Meanwhile, the company aims to protect the privacy rights of individuals, implement and report on their cyber security program, reach their social impact goals, and create a speak-up culture of trust.
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