What could Google’s parent company Alphabet, and the wealth management office of the likes of Jack Dorsey, Mark Zuckerberg and Sheryl Sandberg, understand better than the need for a service to manage all the data their companies are collecting?
As regulations in Europe begin to take effect (and European regulators show their teeth), companies like Collibra, which just raised $100 million at a valuation of over $1 billion from new investor CapitalG (the growth equity investment fund from Alphabet) and returning backers like Iconiq (the family office of Dorsey, Zuckerberg, et al.), are only going to become more important.
Indeed, the recent $57 million fine from France’s data protection watchdog is only a taste of what could be in store for companies like Facebook and Google for non-compliance with new privacy laws. Companies like Colibra and its competitors like Alation, Adaptive Insights, Datum and Informatica are reaping the benefits of this by providing software to oversee how the data that companies are collecting is handled.
The company got its first big boost back in 2008 in the wake of the financial crisis when big banks were confronted with a whole new slew of regulations. Collibra is used to track what data is stored where and how and to ensure that the data is being processed in ways that align with laws on the books.
Colibra’s new round is something of a victory lap for the company — which is coming off a record revenue year, according to a statement.
The company said it would use the new funding to add new products and push sales and marketing.
“Collibra is putting organizations back in control of their data, helping them comply with changing legislation, embrace emerging technologies and capture the information that will enable them to design services and solutions built for the future,” said Derek Zanutto of CapitalG. “We look forward to partnering with Collibra and marrying Google and Alphabet’s machine learning and AI expertise with Collibra’s leadership in data collaboration, workflow management and risk management.”
Colibra says it has more than 300 customers across industries like financial services, healthcare, retail and technology.