GERMAN STARTUP HeyData RAISES $3.3 MILLION INVESTMENT TO SCALE ITS COMPLIANCE PLATFORM SOLUTION
As the EU doubles down on privacy protection, it’s also faced with companies’ compliance burden, noting that the fundamental point of GDPR is based around the pillar of transparency, compliance, and punishment while offering citizens more control over their personal information. Hence, to help navigate the complex world of compliance, Berlin-based startup HeyData on a mission in this path has just raised $3.3 million.
While GDPR seems to be a household phrase in the EU, yet, it’s assumed to cause a bit of headache to a good number even in this digital era, however, for companies, navigating GDPR will require a legal term and could be very complex. In an order to have this simplified, HeyData is empowering SMBs to become compliant in a fast, digital and reliable manner.
The latest seed round was backed by Ten VC, which also saw participation from existing investors ‘Stefan Tietze’, and ‘Patrice Deckert’, coupled with experienced investors ‘Martin Ostermayer’, Picea Capital, and Dirk Freise, among others.
Founded by Martin Bastius, Milos Djurdjevic`, and Daniel Deutsch, the SaaS innovators are currently poised to expand.
‘Milos Djurdjevic`’: “In the last 12 months, we have proven that our compliance solution strikes a nerve with SMEs! This investment round not only reflects the confidence in our product & team but also shows that we are on the right track with our vision”.
Startup HeyData which was founded in 2020 has developed an all-in-one digital platform for SMBs and has taken the burden on companies and organizations to manage their data protection and compliance requirements.
Compliance and Risk Management is believed to be a strong market area – GDPR certainly isn’t going anywhere anytime soon even as privacy concerns continue to dominate the digital space. According to analysts, this is a market projected to grow at least 14% yearly, hitting about $100 billion by 2028.
The subject platform can be fully integrated into existing tech infrastructure and can also be used to train employees in compliance affairs. In the same vein, it can also automatically generate and centrally store necessary documents, and digitally conclude necessary agreements with employees. With this, HeyDate product essentially becomes the centerpiece for implementing compliance topics.
In the meantime, HeyData has clients such as Vytal Numa, Everdrop, and Hive Logistics, and plans to expand while growing the team and entering new markets.
‘Benjamin Patterson’ Partner Ten VC: “We are incredibly excited to be invested in HeyData. When we first met the team, we were very impressed with their foundation of over 400 customers in multiple countries and how reliable their service is in such a business-critical area as data protection. The products in their pipeline are giving SMBs the opportunity to access solutions with high levels of quality and efficiency that previously only large enterprises were able to afford. We look forward to supporting their vision to become the premier global ‘Compliance-as-a-Service’ platform”.
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