About the AI Business
OneTrust is an Atlanta-based security software startup that helps other businesses manage privacy, security, and governance requirements in ever-changing regulatory climates. Founded in 2016 by Kabir Barday, the platform offered by the business is powered by OneTrust Athena, an AI (artificial intelligence) and robotic automation engine.
According to the privacy startup company, with more than 8,000 customers — half of them Fortune 500 companies — the AI business has been able to gain over 140 patents and become the fastest-growing company on the Inc. 500. Furthermore, the OneTrust website states the startup company strives “...to not only comply and implement best practices, but to stay one step ahead, pioneering the future of privacy and security as technology continues to evolve.”
The AI security business has over 1,500 employees, 12 global office locations, and is used in more than 125 cities worldwide. In addition, the software created by the startup is used by businesses like Vevo, Allianz, Oracle, Randstad, and more.
Crunchbase data reports the AI business has raised $920 million in total financing across a handful of funding rounds with investments from Insight Partners and TCV. Additionally, the startup company has even acquired several enterprises, including, Convercent, Docuvision, Integris Software, and more.
Series C Extension
OneTrust announced today in a statement that the AI business raised $210 million as an extension to a Series C financing round, led by new investor SoftBank Vision Fund 2, and an additional investment from Franklin Templeton. This extension brings the total financing for the Series C round to $510 million, giving OneTrust a valuation of roughly $5 billion. The Atlanta Business Chronicle also reported the Series C round for the startup is the largest financing amount of any Atlanta-based technology company in 2020.
Ramzi Ramsey, a partner at SoftBank Investment Advisers, said in the statement, “We believe OneTrust is the leading enterprise platform leader that is providing data privacy and compliance needs for organizations of all sizes. We are pleased to partner with Kabir and the OneTrust team to support their mission to operationalize trust and expand into new markets.”
The investment in the security startup from the SoftBank Vision Fund 2 adds a strategic element to the transaction as it is an opportunity for the AI business to grow in the privacy and security global market. The partnership with SoftBank could help position OneTrust in the Japanese market and other Asian-Pacific markets.
CEO of the startup, Kabir Barday, added in the statement, “The expansion of our Series C is a testament to the enterprise software market of trust we are building at OneTrust...SoftBank and Franklin Templeton bring unique advantages to the OneTrust business and will help us further grow both organically and inorganically to build the platform of trust for our customers and partners.”
About the Author
McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.