Relyance AI, a data governance startup, recently secured $32 million in Series B funding to further its mission of enhancing data transparency and ensuring compliance with governance policies. The investment round was led by Thomvest Ventures, with participation from M12, Microsoft Ventures Fund, Cheyenne Ventures, Unusual, and Menlo Ventures.
Co-founder and CEO Abhi Sharma expressed the company’s goal of simplifying the complex space of data privacy and AI, helping organizations navigate compliance challenges and build trust with their customers. Relyance AI offers a platform that scans an organization’s data from various sources like third-party applications, cloud environments, and AI models to ensure compliance with policies. Additionally, the platform helps monitor external vendor risks and tracks data flows across applications to identify potential risks proactively.
Despite facing competition from companies like OneTrust, Transcend, DataGrail, and Securiti AI, Relyance AI has managed to build a strong customer base, including well-known companies like Coinbase, Snowflake, MyFitnessPal, and Plaid. The startup has experienced a 30% increase in clientele in the first half of 2024, showcasing its growth and market presence.
With the latest funding round bringing Relyance AI’s total capital to $59 million, the company plans to expand its engineering team and enhance its go-to-market capacity to support product development and growth. Co-founders Abhi Sharma and Leila Golchehreh, who bring a mix of technical and legal expertise to the table, established the company in 2020 to address the challenges posed by data security practices around AI.
In addition to its funding news, Mythili Devarakonda recently joined The American Bazaar as a Staff Writer, bringing a wealth of journalism experience to the team. With a master’s degree in journalism from the University of Maryland, College Park, Mythili has a strong background in reporting and has contributed to various online publications, gaining millions of reads for her stories. Her focus on serving the Indian American and South Asian communities aligns well with The American Bazaar’s mission to provide quality news to diverse audiences.
Overall, Relyance AI’s recent funding success and the addition of a talented journalist like Mythili Devarakonda highlight the company’s growth trajectory and commitment to innovation in the data governance space. As organizations continue to prioritize data privacy and compliance, startups like Relyance AI play a crucial role in helping them navigate these complex challenges and build trust with their stakeholders.
