Enterprise solutions provider PrivaSapien Technologies Pvt Ltd (formerly TruthShare) on Wednesday said it has secured seed funding of $1 million (around Rs 8 crore) from Omidyar Network India.
The Bengaluru-based company will deploy the fresh proceeds for research and product development as well as to expand its geographical footprint.
Founded by Abilash Soundararajan and Deepika Abilash in 2019, PrivaSapien offers privacy-related risk assessment and mitigation solutions.
The startup claims that it is currently working with global technology partners in areas like cloud, consulting and system integration and its products are being used in industries handling personal data like healthcare, finance, telco and connected devices.
“With privacy regulations coming up across the world, there is a need for privacy engineering solutions to unlock data, without violating user privacy,” said Soundararajan.
Omidyar Network India, part of the larger Omidyar Group, is an impact investment firm that makes investments in early-stage enterprises in sectors such as emerging technology, education, and financial inclusion.
In November 2022, the firm led the $10 million (Rs 82 crore) Series B funding round in upskilling platform Masai School.
The enterprise applications space has emerged as one of the top-funded sectors along with consumer startups and fintech in 2022, as per Tracxn data. The sector, which includes startups in enterprise software, software-as-a-service (SaaS), and HR tech platforms, raised $7.2 billion across 644 deals last year, which was the second only to consumer startups.
Earlier this month, artificial intelligence-powered SaaS platform Actyv.ai marked the final close of its pre-Series A funding round at $12 million. In another fundraise, SaaS platform Prismforce Inc. secured $13.6 million (about ₹111 crore) in a Series A round led by Sequoia Capital India. Similarly, HR tech startup Keka raised $57 million (Rs 465 crore) in its Series A funding round from WestBridge Capital.