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WireWheel.io Secures $3.1 Million in Seed Round Led By PSP Growth and NEA

Privacy tech company to help global enterprises prepare for GDPR compliance

ARLINGTON, Va., Nov. 14, 2017 /PRNewswire/ -- WireWheel.io, the developer of an innovative cloud-based data privacy and protection platform, announced today it has completed a $3.1 million seed round of financing.  PSP Growth, a private investment firm founded by entrepreneur and former US Commerce Secretary Penny Pritzker, and New Enterprise Associates (NEA) led the investment round with participation from Steve Case, Sean Glass and others.  The company plans to use the investment to hire technical talent, build out its product and test with early adopters.

WireWheel.io was founded in 2016 by Justin Antonipillai, former Acting Undersecretary of Economic Affairs at the US Department of Commerce in the Obama administration and lead US Negotiator of the EU-US Privacy Shield, along with database and machine-learning experts Amol Deshpande and Chris Getner. WireWheel aims to modernize and simplify how global enterprises protect and manage the privacy of personal data.

The General Data Protection Regulation (GDPR), one of the biggest changes to data privacy and data protection regulation in 20 years, takes effect May 25, 2018.

"Today, enterprises lack an automated, scalable solution to help them find, classify and better use the data they have collected from their customers. WireWheel.io gives privacy professionals the tools to safeguard and steward the most important asset organizations manage: their customer data," said Justin Antonipillai, founder and CEO of WireWheel.io. "Without the right tools, businesses risk harm to their brand and significant fines for non-compliance, under GDPR. Our core product empowers privacy professionals to quickly find and inventory data and visually map out business processes, including with third-party vendors."

WireWheel.io's successful seed round financing demonstrates strong support for a new generation of tools to address the mandates around data privacy.

"In both the public and private sectors, I have seen the power that data brings to solving today's challenges. In fact, data privacy and data protection were some of the most significant issues we handled on the international stage during my tenure in government service," said Penny Pritzker, founder and Chairman of PSP Capital. "Now, more than ever, it is imperative that companies and governments build trust and show that they are taking care of their customer's personal data. The WireWheel team brings tremendous expertise in understanding the regulatory maze, advanced technologies and business needs surrounding data privacy."

"WireWheel.io's Data Privacy and Protection platform is well-positioned to be an industry game changer and reshape how companies protect their customer's data," said Dayna Grayson, Partner at NEA.  "We are excited to support the WireWheel team as they build a great company in an exciting category." 

About WireWheel.io
WireWheel.io delivers a cloud-based solution to help privacy professionals become GDPR-ready and operationalize privacy in the enterprise. To learn more visit, www.wirewheel.io

About PSP Growth and PSP Capital
To learn more visit, www.pspcapital.com/pspgrowth

About New Enterprise Associates
To learn more visit, www.nea.com

View original content with multimedia:http://www.prnewswire.com/news-releases/wirewheelio-secures-31-million-in-seed-round-led-by-psp-growth-and-nea-300555439.html

SOURCE WireWheel.io

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