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Ethyca Raises $10M to Scale its Enterprise Data Privacy Engineering Platform
- Ethyca has raised $10m in an extension of the prior Series A funding, bringing the company's total funding raised to $37.5m. Investors include AVP, Abstract Ventures, and IA Ventures.
- Ethyca focuses on privacy engineering, building privacy controls into data-driven products to maintain robust governance and compliance. The open-source privacy engineering platform, Fides, integrates with technical infrastructure.
- Fides caters to regulated enterprises such as financial services and healthcare, with the total available market estimated at $45bn and growing at 13% CAGR.
- Ethyca's business model provides the Fides platform either self-hosted or cloud-hosted, along with enterprise solutions and support for large institutions.
- Ethyca faces challenges of operating in a market sensitive to AI hype cycles. Ethyca has raised a strong round and is growing revenues 100% YoY despite wider economic challenges.
- Ethyca is planning major product releases and to deploy Fides technology across 150 major global brands in the H1 2025. It will also be growing the Fides open-source community.
- Ethyca's advice to companies with no capital on hand to extend runway as much as possible. It recognizes the challenge, but suggests focusing ruthlessly on sales as investment in product innovation without real revenue is pointless.
- Ethyca envisages the doubling of its revenues and exponential growth in the coming year, continuing its stewardship of the Fides platform as it proliferates through society.
- Red Hook is Ethyca CEO Cillian Keiran's favorite fall destination around the city, followed by cozy Italian food at Popina.
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