Data Privacy Company Transcend Raises $40 Million in Series B Funding Round

Originally published on LegalTech News by Rhys Dipshan.

The announcement of a new investment comes just months after the company hired former Grindr chief privacy officer Ron De Jesus as its first ever field chief privacy officer.

On Tuesday, data privacy and compliance solutions firm Transcend announced that it raised $40 million in a Series B funding led by new investor StepStone Group. Transcend offers a dozen products that help companies comply with global privacy regulations, including data subject right and consent management, and e-discovery and data classification tools.

A press release announcing the investment noted that the recent series B round brings the company’s total funding to $90 million. In the release, Transcend CEO Ben Brook underscored that the company has much room to grow given that companies are still struggling to meet their expanding privacy compliance needs.

“This month marks the sixth anniversary of GDPR, and we’re in the middle of another wave of comprehensive legislation with the EU AI Act and a draft U.S. federal privacy law. Yet privacy remains a fundamentally unsolved problem inside companies. Most have neither a clear view of their data, nor effective privacy controls installed directly into their systems. And now, new AI use cases are kicking this problem right up to the boardroom door,” he said.

Transcend, which differentiates itself from other privacy compliance companies by “encoding privacy controls directly into business systems,” counts a number of corporations as clients, including LG Electronics, Plaid, Brex, Hims & Hers, and Rippling, according to the press release.

A few months before disclosing its investment, Transcend also announced a major hire. In March, the company said that it brought on board former Grindr chief privacy officer Ron De Jesus as its first ever field chief privacy officer. De Jesus told Legaltech News at the time that in the new role, he will be focusing on the needs of chief privacy officers across the economy.

“Now what I get to do is focus more on interacting with chief privacy officers out in the field—hence, field CPO—learn from them, learn what their pain points are, what keeps them up at night when it comes to emerging privacy legislation, and how can … the privacy tech community, specifically privacy platforms, improve,” he said.

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