Privacy4Cars, an Atlanta, GA-based privacy-tech company that focused on identifying the challenges posed by vehicle data and creating solutions to better protect consumers, announced today it closed a new financing round.
The Presidio Group's CEO, Brodie Cobb, joined Venture capitalists FM Capital and Automotive Ventures (who led Privacy4Cars' successful Series A round in August 2021).
The funding will allow Privacy4Cars to grow its sales and marketing channels and keep building its suite of vehicle data privacy, safety, security, and compliance solutions to deliver on its broader mission of Driving Privacy across the globe.
"With state associations and industry organizations increasingly speaking about the need to delete consumer personal information from vehicles, raising this capital on the eve of many 2023 regulatory changes (including new privacy laws in five states and the new Safeguards Rule at the federal level) gives us the confidence we can meet the rapidly growing need dealerships, auto finance companies, and fleets have to step up their compliance programs," said Andrea Amico, Privacy4Cars Founder, and CEO. "This capital will also help us expand internationally, especially in the EU, where deleting data from cars is mandatory under GDPR, and Canada, where Quebec's new Bill 64, with its very steep fines for non-compliance, is a game changer for privacy."
Privacy4Cars' data deletion solution that clears consumer Personal Information from vehicles exchanging hands was recently awarded a fourth patent, underlying the company's role as the leading innovator in the vehicle privacy space.
Its data deletion solution is regarded in the wholesale and retail automotive channels as the most simple, efficient, effective, and auditable solution to meet increasing regulatory requirements and protect consumers.
Company: Privacy4Cars, Inc
Raised: Undisclosed
Round: Unknown
Funding Month: December 2022
Lead Investors:
Additional Investors: Brodie Cobb, Venture capitalists FM Capital and Automotive Ventures
Company Website: https://privacy4cars.com/
Software Category: Privacy Protection and Compliance Solution
About the Company: Founded in 2014 by Andrea Amico, Privacy4Cars is the first and only technology company designed to intuitively and rapidly delete Personally Identifiable Information (PII), including phone numbers, call logs, location history, and garage door codes, from modern vehicle infotainment systems and simultaneously build comprehensive compliance logs to meet ever-increasing privacy regulations. It is focused on identifying and resolving data privacy issues across the automotive ecosystem. Privacy4Cars' patented solution helps users quickly and confidently clear vehicle users' personal information. Privacy4Cars enables the automotive ecosystem to delete personal information from vehicles in a fast, traceable, and cost-effective manner to reduce liability, meet regulatory requirements and improve customer satisfaction.
Source: https://www.prnewswire.com/news-releases/privacy4cars-closes-funding-round-301699873.html