{"id":17148,"date":"2019-07-18T18:30:28","date_gmt":"2019-07-18T18:30:28","guid":{"rendered":"https:\/\/rsoftsolution.com\/blog\/incountry-raises-15m-for-its-cloud-based-private-data-storage-as-a-service-solution.html"},"modified":"2019-07-18T18:30:28","modified_gmt":"2019-07-18T18:30:28","slug":"incountry-raises-15m-for-its-cloud-based-private-data-storage-as-a-service-solution","status":"publish","type":"post","link":"https:\/\/www.rbsitsoftwaresolution.in\/blog\/incountry-raises-15m-for-its-cloud-based-private-data-storage-as-a-service-solution.html","title":{"rendered":"InCountry raises $15M for its cloud-based private data storage-as-a-service solution"},"content":{"rendered":"

The rise of data breaches, along with an expanding raft of regulations (now numbering 80 different regional regimes, and growing) have thrust data protection \u2014 having legal and compliant ways of handling personal user information \u2014 to the top of the list of things that an organization needs to consider when building and operating their businesses. Now a startup called InCountry<\/a>, which is building both the infrastructure for these companies to securely store that personal data in each jurisdiction, as well as a comprehensive policy framework for them to follow, has raised a Series A of $15 million. The funding is coming in just\u00a0three months after closing its seed round<\/a> \u2014 underscoring both the attention this area is getting and the opportunity ahead.<\/p>\n

The funding is being led by three investors:\u00a0Arbor Ventures of Singapore, Global Founders Capital of Berlin, and Mubadala of Abu Dhabi. Previous investors Caffeinated Capital, Felicis Ventures, Charles River Ventures, and Team Builder Ventures (along with others that are not being named) also participated. It brings the total raised to date to $21 million.<\/p>\n

Peter Yared, the CEO and founder, pointed out in an interview the geographic diversity of the three lead backers: he described this as a strategic investment, which has resulted from InCountry <\/a> already expanding its work in each region.\u00a0(As one example, he pointed out a new law in the UAE requiring all health data of its citizens to be stored in the country \u2014 regardless of where it originated.)<\/p>\n

As a result, the startup will be opening offices in each of the regions and launching a new product, InCountry Border, to focus on encryption and data handling that keep data inside specific jurisdictions. This will sit alongside the company\u2019s compliance consultancy as well as its infrastructure business.<\/p>\n

\u201cWe\u2019re only 28 people and only six months old,\u201d Yared said. \u201cBut the proposition we offer \u2014 requiring no code changes, but allowing companies to automatically pull out and store the personally identifiable information in a separate place, without anything needed on their own back end, has been a strong pull. We\u2019re flabbergasted with the meetings we\u2019ve been getting.\u201d (The alternative, of companies storing this information themselves, has become massively unpalatable, given all the data breaches we\u2019ve seen, he pointed out.)<\/p>\n

In part because of the nature of data protection, in its short six months of life, InCountry has already come out of the gates with a global viewpoint and global remit.<\/p>\n

It\u2019s already active in 65 countries \u2014 which means it\u2019s already equipped to\u00a0stores, processes, and regulates profile data in the country of origin in these markets \u2014 but that is actually just the tip of the iceberg. The company points out that more than\u00a080 countries around the world have data sovereignty regulations, and that in the US, some 25 states already have data privacy laws. Violating these can have disastrous consequences for a company\u2019s reputation, not to mention its bottom line: In Europe, earlier this month the UK data regulator is now fining companies the equivalent of hundreds of millions of dollars<\/a> when they violate GDPR rules.<\/p>\n

This ironically is translating into a big business opportunity for startups that are building technology to help companies cope with this. Just last week, OneTrust raised a $200 million Series A<\/a> to continue building out its technology and business funnel \u2014 the company is a \u201cgateway\u201d specialist, building the welcome screens that you encounter when you visit sites to accept or reject a set of cookies and other data requests.<\/p>\n

Yared says that while InCountry is very young and is still working on its channel strategy \u2014 it\u2019s mainly working directly with companies at this point \u2014 there is a clear opportunity both to partner with others within the ecosystem as well as integrators and others working on cloud services and security to build bigger customer networks.<\/p>\n

That speaks to the complexity of the issue, and the different entry points that exist to solve it.<\/p>\n

\u201cThe rapidly evolving and complex global regulatory landscape in our technology driven world is a growing challenge for companies,\u201d said Melissa Guzy of Arbor Ventures, in a statement. Guzy is joining the board with this round. \u201cInCountry is the first to provide a comprehensive solution in the cloud that enables companies to operate globally and address data sovereignty. We\u2019re thrilled to partner and support the company\u2019s mission to enable global data compliance for international businesses.\u201d<\/p>\n

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Article source: http:\/\/feedproxy.google.com\/~r\/techcrunchIt\/~3\/XgBjDR9OfYg\/<\/p>","protected":false},"excerpt":{"rendered":"

The rise of data breaches, along with an expanding raft of regulations (now numbering 80 different regional regimes, and growing) have thrust data protection \u2014 having legal and compliant ways <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[19],"tags":[25],"class_list":["post-17148","post","type-post","status-publish","format-standard","hentry","category-enterprise-software","tag-enterprise"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t