Founded in 2017, Sypher (www.sypher.eu), the company that developed a GDPR conformity platform and made a firm step into local GDPR solutions market, completed the first investment round less than a year since its launch. The company raised a 300.000-euro financing round from GapMinder, a local VC fund and local entrepreneur Marian Seitan. GapMinder Venture Partners is financed through the European Competitive Operational Program.
Sypher Suite platform helps companies efficiently manage the process of obtaining and keeping their conformity with the GDPR regulation on the protection of personal data. It also helps them identify and correct the errors within documentation about personal data processing.
According to the company’s founders, Cristian Badea and Mihai Ghita, Sypher’s story began in 2016, the year when European Union published the new regulations regarding the protection of personal data. Sypher Suite was created after discussions and meetings with potential clients, consultants and law firms, to help conformity teams implement the new privacy policies.
Less than a year since its launch in 2018, the platform is a useful tool in GDPR compliance in several of the most important Romanian companies, from industries such as: insurances, retail or telecom.
„Until the end of the year we plan to grow the technical team as well as the one dedicated to customer support. Also, we plan to add new facilities in the software platform and to prepare the entrance in new markets in Europe and United States of America, where there are already initiatives to implement a legislation resembling to the one in the European Union.” said Cristian Badea, co-founder of Sypher.
„Another priority is to consolidate our partnerships with consultants, companies which provide DPO services and law firms which use Sypher Suite to manage more efficiently the relationship with their clients”, said Mihai Ghita, co-founder of Sypher.
„This investment will help Sypher to rapidly develop the product and add new functionalities and to promote the platform on European markets”, added Cosmin Ochișor, partner GapMinder.
In order to raise the financing, Sypher team went through an almost six months pitching process. The GapMinder investment was finalized in October 2018.