WireWheel, a privacy tech start-up, recently announced that it had raised $20 million in a funding round led by ForgePoint Capital, with participation from existing investor, PSP Growth. The latest investment brings WireWheel’s total funding to $36.5 million. The company intends to use the funding to expand its sales and engineering teams, accelerate product development, and enhance its partnerships.
WireWheel’s Growth:
WireWheel, founded in 2016, is a leading data privacy management company that offers businesses an intuitive platform to manage data privacy risks and comply with global data privacy regulations. The company’s solutions enable businesses to create comprehensive inventories of their data, automate privacy assessments, and manage data subject requests across various channels.
The firm’s customer base includes global enterprises in the healthcare, financial, retail, and technology industries. WireWheel has experienced significant growth in the past year, fueled by an increase in demand for privacy management solutions due to the pandemic, a shift towards remote work, and increased regulatory scrutiny on data privacy.
ForgePoint Capital’s Investment:
ForgePoint Capital is a leading cybersecurity-focused venture capital firm that has backed many successful cybersecurity startups, such as 4iQ, Attivo Networks, and ID.me. ForgePoint Capital’s Managing Director, Alberto Yepez, will join WireWheel’s Board of Directors, bringing with him years of experience in the cybersecurity industry.
Yepez praised WireWheel for its innovative data privacy solutions and stated that ForgePoint Capital was impressed with WireWheel’s growth trajectory and its ability to attract top-tier customers. Yepez also stated that ForgePoint Capital is excited to support WireWheel’s continued growth and help the company become a market leader in data privacy management.
Graham’s Involvement:
WireWheel’s recent funding round also saw the participation of Graham Holdings, a diversified conglomerate with interests in media, education, and healthcare. Graham Holdings is no stranger to the tech industry, having previously invested in successful startups such as Social Tables and Rocketrip.
Graham Holdings has a reputation for investing in companies with strong growth potential, and their involvement in WireWheel’s funding round suggests that they see significant growth opportunities in the data privacy management industry. The firm’s investment will undoubtedly provide WireWheel with additional resources to fuel its growth and expand its reach in the global market.
Technical.ly’s Insight:
Technical.ly, a media company that covers the latest news and trends in the technology industry, provided its insight into WireWheel’s latest funding round. Technical.ly noted that WireWheel has experienced a significant increase in demand for its privacy management solutions in the past year, fueled by the pandemic and increased regulatory scrutiny.
The media company also noted that WireWheel has expanded its reach by partnering with leading technology companies such as AWS, Snowflake, and OneTrust. Technical.ly praised WireWheel’s platform, which provides businesses with an intuitive and user-friendly interface to manage privacy risks and comply with global data privacy regulations.
Conclusion:
WireWheel’s latest funding round is a significant milestone for the company, highlighting the growing demand for privacy management solutions in today’s digital age. With the support of ForgePoint Capital and Graham Holdings, WireWheel is well-positioned to accelerate its growth and become a market leader in the data privacy management industry.
As businesses continue to face increased regulatory scrutiny and data privacy risks, WireWheel’s innovative platform and solutions will undoubtedly be in high demand. With the latest funding, the company will be able to expand its reach, enhance its partnerships, and provide businesses with the tools they need to manage data privacy risks effectively.
