Omidyar supports enterprise solutions provider PrivaSapien

Abhilash Soundararajan, co-founder and managing director of PrivaSapien

Enterprise solutions provider PrivaSapien Technologies Pvt Ltd (formerly TruthShare) announced on Wednesday that it has secured $1 million (about Rs 8 crore) in seed funding from Omidyar Network India.

The Bengaluru-based company will deploy the new revenue for product research and development as well as expand its geographical footprint.

Founded by Abilash Soundararajan and Deepika Abilash in 2019, PrivaSapien offers privacy risk assessment and mitigation solutions.

The startup says it is currently working with global technology partners in areas such as cloud, consulting and systems integration and that its products are used in industries dealing with personal data such as healthcare, finance, telecommunications and connected devices.

“With upcoming privacy regulations across the globe, there is a need for privacy engineering solutions to unlock data, without violating user privacy,” Soundararajan said.

Omidyar Network India, part of the Omidyar Group, is an impact investing company that invests in start-up companies in sectors such as emerging technologies, education and financial inclusion.

The enterprise application space has become one of the highest funded sectors with mainstream startups and fintech in 2022, according to data from Tracxn. The sector, which includes startups in enterprise software, software as a service (SaaS) and HR technology platforms, raised $7.2 billion in 644 deals last year, which was the second after mainstream startups.

Earlier this month, AI-powered SaaS platform marked the final close of its pre-Series A funding round at $12 million. In another fundraising round, SaaS platform Prismforce Inc. secured $13.6 million (about ₹111 crore) in a Series A round led by Sequoia Capital India. Similarly, HR tech startup Keka raised $57 million (Rs 465 crore) in its Series A funding round from WestBridge Capital.

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