Osano, a risk and compliance startup, has confirmed it has raised $11 million in new funding.
The round was led by Jump Capital and with participation from existing investors LiveOak Venture Partners and Next Coast Ventures.
The Austin, Texas-based company describes the round as a Series A-1, following a $5 million Series A raise in 2019, just months after it debuted at TechCrunch Startup Battlefield. In total, the startup has raised $22.3 million to date.
Osano is a software-as-a-service platform that helps companies to monitor and manage their risk and compliance with privacy laws, like Europe’s GDPR and California’s CCPA, which grant users access to and more control over their personal information.
The company also tracks changes to the rules and laws it covers to make sure that customers don’t accidentally fall out of compliance, which can lead to hefty fines for egregious breaches.
Osano is also rolling out a new AI-powered data discovery tool to automatically find and classify dozens of types of personal and non-personal data. Osano also offers integrations with dozens of apps and services, including AWS, Dropbox, Google, and Oracle.
The $11 million cash injection will go towards doubling the company’s headcount, with a focus on sales to meet its growing demand.