Privacy4Cars Closes Funding Round
Privacy4Cars, the first privacy-tech company 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) in injecting additional growth capital ahead of a wave of significant regulatory changes coming into effect.
"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 to clear consumer Personal Information (home address, garage codes, text messages, and much more) 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.
"The pace of change in the automotive industry is accelerating, with more data being collected from vehicles," said Steve Greenfield, Automotive Ventures Founder and CEO. "Privacy4Cars is uniquely positioned to help industry participants protect themselves from exposure to privacy issues associated with data collection, regulation and compliance."
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.