Ardent Privacy, a Maryland-based data privacy company, announced today that it received a $200,000 investment from TEDCO’s latest $800,000 funding round. TEDCO identifies, invests in, and helps grow technology companies in Maryland.
“We are excited to partner with TEDCO to pursue our mission to help companies in their data privacy journey. Enterprises are losing data in breaches not only because they are under attack, but also due to a lack of data hygiene and the absence of a data-centric security approach. Enterprises need a “Marie Kondo” tidying up approach for organizational data as they are challenged with data deluge and privacy compliance requirements at the same time. Our innovative data minimization technology will help companies reduce privacy risk and simplify compliance with CCPA and upcoming privacy regulations,” said Sameer Ahirrao, CEO of Ardent Privacy.
“We believe these companies are in a critical area of known need, setting them on a path to build strong businesses here in Maryland,” stated Frank Glover, lead director, TEDCO Seed Fund, and director, Maryland Venture Fund.
Companies have growing challenges with privacy with increased scrutiny of personal data by regulators, heightened consumer expectations, and the changing global environment. On July 16, CJEU (European Union’s top court) struck down the EU-US Privacy Shield agreement. It found the Privacy Shield invalid due to inadequate privacy, surveillance, and data protection rights for the transfer of personal data between the EU and the US. The California Consumer Protection Act (CCPA) was enacted on January 1, 2020, and enforcement began on July 1. Companies holding Californian’s data are accountable for consumer data they own, and negligence can result in huge fines. Fourteen more states are in the process of passing similar laws. Virginia recently (July 1, 2020) enacted their Insurance Data Security Act enforcing security compliance for insurers and producers in Commonwealth.