Big companies own your data, and Osano evaluates how they are managed.
Recently, Osano, a data privacy management platform, has raised $ 5.4 million in a Series A round of financing. This round of funding is co-led by two of Austin’s leading companies, LiveOak Venture Partners and Next Coast Ventures. Osano was founded in March 2019 in Austin, Texas.It previously completed a $ 3 million seed round financing led by LiveOak Venture Partners.
In the era of big data, data privacy issues have attracted much attention. Osano is a company that uses the SaaS platform to provide privacy policy insights and privacy compliance monitoring.
Osano combines data with law and has established its own privacy management platform on Disrupt SF. The platform automatically monitors business data shared by businesses on all websites. For individual users, Osano provides a free plug-in that allows users to see how other sites use their data, and scores a privacy data management level score for each company that they have reviewed (nearly 3,000), from 300 ( Very poor) to 850 (excellent).
Osano employs approximately 24 lawyers across the United States, who carefully review all tedious data privacy documents and policies that users do not want to read. To date, Osano’s lawyers have spent 12,000 hours reviewing more than 10,000 companies. Every month, Osano publishes a “Misleading Committee” report that highlights data privacy-related anomalies in the legal documents of about eight companies. For example, in the June Misleading Committee report, Osano pointed out that the social plan website Evite had obvious vague concept issues in its privacy policy regarding “user delete account” and gave a score of 523 points, which belongs to the rating system “Very low” level. Earlier, Evite had been stolen by hackers and sold a record of 10 million users.
It is also a difficult problem for enterprises to properly deal with data privacy while preventing the risks brought by data privacy. The European General Data Protection Regulation GDPR has been in place for a year, and its regulations are complex, specific and insignificant. In the United States, the California Consumer Privacy Act is about to enter into force, and for companies lacking professional legal support, their business will face immeasurable legal risks.
For enterprises, Osano uses the SaaS platform to provide them with privacy policy insights and privacy compliance monitoring. The main target users are small startups without proprietary legal support. It helps companies understand and comply with complex privacy laws across the state and across the state; it helps companies monitorPrivacy risk factors related to their business: how to respond to changes in the privacy policies of partners or suppliers; at the same time, help IT executives select service providers that provide high-quality privacy policies and high-security data management systems One of the best features of its platform is that it allows corporate users to comply with dozens of privacy laws around the world with just one line of code. For example, when visiting a website, users often come up with a “Do you agree with the cookie recording of your data? Agree or do not enter” pop-up window. As for the data privacy policy of cookies, 40 countries have different policies. After spending 5 minutes installing Osano management tools, Osano can help companies make different “cookie consent requests” to different customer groups.
For businesses, Osano is a corporate services company that charges customers 50 to 250 dollars per month. For individual users, Osano is a public welfare company. Gilbert, the founder and CEO of Osano, stated that “the privacy scoring plug-in and the monthly ‘misleading committee’ report are working for the public interest.” Currently, Osano is still in the seeding stage and is more focused on the product itself. In this round of funding, Osano will be used to develop, market and recruit new employees to meet the growing demand for its data privacy platforms and tools.