Dealflow | February 3, 2023

Deal spotlight: Protecting individuals and businesses from data and identity theft

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, February 3 – Cell phones and digitization have helped billions of individuals, micro-entrepreneurs and small businesses improve their livelihoods. They’ve also introduced new risks, particularly around personal data and privacy.

Omidyar Network’s India group this week backed PrivaSapien, a Bangalore-based maker of software that helps companies conduct privacy risk assessments, anonymize user data, flag concerns, and stay on top of regulatory requirements.

“These solutions make it easier for organizations to adopt privacy-preserving techniques and eventually help the end-customer build greater trust in online data-sharing systems,” Omidyar Network India wrote in a post about the deal

Digital identity and privacy has been a core investment theme for Omidyar Network India for more than five years, as a swell of Indians secured digital identities through the Aadhar biometrics and national ID initiative. Much of its work has focused on policy and civil society initiatives. Omidyar helped fund the Digital Identity Research Initiative in 2017 to research impacts and develop policies for Aadhar. Last year it invested in the Data Governance Network, and helped stand up a tech policy fellowship program.

Also this week, tech venture Guardz secured $10 million to develop insurance to protect small businesses in the U.S. against data breaches and cyberattacks.