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OneTrust, the heavily funded information privacy, governance, and compliance business, has acquired DocuVision, an AI-powered platform that firms use to come across and redact sensitive information in significant volumes of documents and emails. Terms of the deal had been not disclosed.
The acquisition represents the initially notable activity from Atlanta, Georgia-based OneTrust due to the fact its $300 million raise a couple of months back, which valued the business at more than $5 billion.
Businesses have fallen beneath escalating scrutiny and stress to comply with a developing array of information privacy regulations such as GDPR in Europe and CCPA in California, whilst any enterprise wishing to be taken seriously by prospective consumers will have to demonstrate their capacity to safeguard all manner of private and confidential data.
Founded in 2016, OneTrust is one of quite a few startups that have emerged to capitalize on the demand for information privacy tools, each for regulatory compliance and buyer peace-of-thoughts. The business presents a self-assessment tool that aids its clients see how close they are to complying with legal frameworks such as GDPR, whilst it also presents “data mapping” to show firms how information is flowing by way of the organization and across borders. Throw into the mix a suite of items for marketers such as cookie compliance, consent management, and breach response tools, and it is clear that OneTrust has been bolstering its arsenal of automated smarts to cater to the burgeoning $80 billion information privacy market place.
Founded out of Berkeley, California, in 2019, Docuvision serves firms with tools to automatically find out personally identifiable data (PII), such as names, social safety numbers, and prospective passwords. With Redacted.ai, Docuvision’s principal solution, firms can automatically redact more than one hundred distinctive kinds of private data, such as signatures, logos, and pictures of faces — and this is what OneTrust is primarily obtaining DocuVision for.
Alongside the acquisition news, OneTrust announced that it has launched a new integrated solution that builds on its current capabilities named OneTrust Data Redaction, which is aimed at privacy, legal, and data safety departments. The business mentioned that it has designed the “first fully automated data subject rights (DSAR) workflow including intake, ID verification, discovery, redaction, and secure response,” according to a press release.
What this implies is that a buyer that requests access to their information beneath a proper-of-access stipulation can do so more rapidly, as the business enterprise can safeguard other non-relevant PII that is contained in the document by automatically redacting it rather than manually poring more than pages of text. It also aids enterprises assistance any quantity of use instances, such as litigation, freedom of data (FOIA) requests, or merger and acquisition disclosures. Redacted.ai also has an API, which implies it can be integrated into third-party cloud platforms such as AWS, OneDrive, SharePoint, Dropbox, and Google Drive.
A quantity of startups have taken an API-based strategy to monetizing information privacy, such as Skyflow which lately raised $17.5 million to create its cloud-native “data privacy vault” that enables developers to create applications and workflows devoid of possessing to be concerned about information privacy themselves. Meanwhile, Ubiq Security has designed an API-based platform for developers to integrate encryption into their apps.