Reliance AI, an early-stage startup helping companies stay compliant with privacy laws at the code level, today announced a $25 million Series A. At the same time, he disclosed a previously unannounced $5 million seed round.
Menlo Ventures and Uncommon Ventures led the A round, while Uncommon was the sole lead on Seed. Unusual, serial entrepreneur Jyoti Bansal will join the board under the terms of the deal. His teammate John Vryonis joined after the first seed round. Matt Murphy from Menlo is coming in as board supervisor. The company has now raised $30 million.
The company takes an unusual approach to verifying that the data is operating at the code level, assuming the contract and existing legal requirements as code to ensure that the company is in compliance. Is. The company’s co-CEO and co-founder Abhi Sharma says that code-level checking is the key to the solution. “For the first time, we are building legal compliance and regulation into the source code,” Sharma told me.
He said, “Reliance is actually embedded within the DevOps pipeline of our customers’ infrastructure. So every time a new ETL pipeline is built or a machine learning model receives new source code, we do a compiler-like analysis.” Let’s look at how personal sensitive data is flowing between internal microservices, data lakes and data warehouses, and then get metadata analysis Back to Privacy and Compliance Professionals [inside an organization]”
Other founders and co-CEOs are Leila R. Roundface brings a strong compliance background to the equation and has experienced the challenge of putting companies first in compliance. He added that Reliance also enables companies to define policy and contracts in the form of codes.
“Our approach is specifically to ingest contracts. We have actually built an algorithm for how [you] Write a really good data protection agreement. We have extracted those relevant provisions and we compare it with [your] operational reality. So if there is a disconnect, we will be able to pick it up as a wise insight of data misalignment,” she said.
With 32 employees, the co-founders expect to double or perhaps even triple that number over the next 12-18 months. Golchehre and Sharma are a diverse co-founding team and are striving to build a company that reflects that. They believe that being remote gives them a chance to move forward in this regard, but they also have internal policies in place to steer it.
“The recruiters we work with have a mandate to say internally, ‘Hey, we want to hire really good people and diverse people. Reliance as a company is the genesis of two individuals from two different ends of the spectrum coming together. And I think hopefully, we can do our bit of relaying that across the company, as we do at large,” Sharma said.
The two founders have been friends for many years and started talking about building a company together over a pizza dinner in 2019. The idea began to take hold and he launched the company in February 2020. They spent some time talking to compliance professionals to better understand their needs, then began building the solution they have today in July 2020. They released a beta in February and quietly started selling. it in march
Today they have many early customers working with their software including Dialpad, Patreon, Sansar and True.