CYTRIO Raises $3.5 Million to Address Mid-market Data Privacy Compliance Challenges

BOSTON - Oct. 12, 2021 - PRLog -- CYTRIO (https://cytrio.com/), a data privacy compliance startup, has raised $3.5 million in seed funding to address mid-sized companies' challenges of meeting increasing data privacy regulations. CYTRIO has secured funding from angel investors and institutional seed investors, including Dreamit Ventures (https://www.dreamit.com/), Food Retail Venture (https://foodretailventures.com/)s, and Rockwood Group. The raise also included CYTRIO's founding team, industry experts with 50 years of collective data, privacy and security experience, including Vijay Basani (https://www.linkedin.com/in/vijaybasani/), Chief Executive Officer; Pankaj Parekh (https://www.linkedin.com/in/pparekh/), Chief Privacy Officer; and Darshan Joshi (https://www.linkedin.com/in/joshidarshan/), Chief Technology Officer.

"Today, we launch CYTRIO to enable mid-size companies to comply with numerous privacy regulations, while building customers' trust that is essential to thrive in today's digital economy," said Vijay Basani, Founder and CEO of CYTRIO. "Our mission to deliver an easy-to-deploy SaaS privacy rights management solution will help mid-market enterprises swiftly and cost-effectively comply with data privacy regulations with minimal resources. We are leveling the playing field for mid-sized enterprises to compete and thrive in the data-driven digital economy, where consumers have control of their private, personal information (PI)."

According to a recent study by Cisco (https://www.cisco.com/c/dam/en_us/about/doing_business/tr...), 86% of respondents said they care about their data privacy and want more control over their PI, while 79% said they were willing to act to get that control. This, coupled with the rising trend in data breaches, where billions of personal data records are compromised every year, has driven the emergence of modern data privacy regulations, including state level regulations like the California Consumer Privacy Act of 2018 (CCPA (http://www.oag.ca.gov/privacy/ccpa)), the California Privacy Rights and Enforcement Act of 2020 (CPRA (https://www.caprivacy.org/)), the Virginia Consumer Data Protection Act (VCDPA (https://lis.virginia.gov/cgi-bin/legp604.exe?212+sum+HB2307)) of 2021, and the Colorado Privacy Act (CPA (https://legiscan.com/CO/drafts/SB190/2021)) of 2021.

The CYTRIO founding team's experience is well-suited to answer CISOs' and CPOs' urgent call for a mid-market solution that provides automated data discovery, built-in response work-flows, ease of deployment, and quick time-to-value. Vijay Basani brings 30 years of experience, founding WebManage Technologies (acquired by NetApp), AppIQ (acquired by HP), and Cygilant, among others. Pankaj Parekh has held CPO, CTO, and VP of engineering roles at Zscaler, Microsoft, Security First Corp., iPolicy Networks, and others. Darshan Joshi has held SVP and VP of technology and engineering roles at Informatica, Symantec, and Veritas.

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