Privitar today announced that it has closed an additional
£3M financing round from Illuminate Financial Management with follow-on investment from existing
investors, including private capital group 24Haymarket and IQ Capital.
Privitar operates at the intersection of Big Data, data science and cyber security, providing software
products that add privacy protection to leading data infrastructures. With Privitar software, companies
and government departments can publish and share data while protecting data privacy and maintaining
regulatory compliance, solving what is currently a high priority Board-level issue. Building on its success
in the UK banking and telecoms market, Privitar will use the funds to accelerate growth in the UK and
expand its European footprint.
Organisations across private and public sectors are being challenged to do more with data. But they also
have a universal responsibility to protect sensitive or confidential information. One high profile example
was the cancellation of the National Health Service’s care.data programme in June. Despite the vision of
boundless research opportunities enabled through access to large health care datasets, the programme
failed due to privacy concerns. Likewise, in the private sector, companies are prioritising careful
management of sensitive client data. In a post-Snowden age of increasing consumer awareness,
individuals provide data under the assumption, and with the expectation, that companies will take the
utmost care of their information, ensuring confidentiality and privacy, in order to provide better services
and products.
Privitar software can provide three key benefits for companies in highly regulated industries. They can
broaden the use of data by sharing data for secondary use and analytics, leading potentially to a
monetisation of data assets. They can build consumer trust with leading data protection solutions that
prioritise client confidentiality. Finally, privacy protection allows organisations to go beyond traditional
perimeter security measures that do not protect against many insider threats. By taking a data-centric
approach and implementing privacy-by-design principles, exposure to sensitive information is carefully
restricted, even for those with permitted access.
“Every organisation that collects and analyses data is grappling with the issue of data privacy. They are
all potential customers for our privacy-enhancing software solution,” said Jason du Preez, Privitar CEO.
“That is why we are excited to be partnering with Illuminate Financial with their deep connectivity into
one of our target vertical markets. They will support our strategy to provide the leading solutions for
Banking and Capital Markets institutions. This complements the breadth of sector access facilitated by
our existing investors.”
“Big data analytics is highly topical for many industries in today’s world with banking and financial
services going through groundbreaking times” said Mark Whitcroft, Founding Partner at Illuminate
Financial Management. “A major challenge for any company operating in any highly regulated industry is
how to balance the benefits gained from data insights whilst conforming to data regulatory and policy in
protecting customer data. Privitar’s solution enables companies to balance applying data science
techniques whilst addressing data governance requirements. Illuminate Financial is excited to be
backing this promising London-based software company and their world-class team.”

Originally published on the 3rd of August 2016

Source: https://www.privitar.com/