SAN FRANCISCO--(BUSINESS WIRE)--Common Sense Privacy, a business-focused software platform augmented with state-of-the-art AI, debuts software to help companies better assess and manage privacy regulatory risks. Building on foundational IP from Common Sense Media, the nation’s leading child advocacy nonprofit organization, the platform boasts the most extensive repository of privacy evaluations in the world.
The data privacy landscape is hurtling towards an inflection point. More than ever, companies need tools to navigate increasingly complex privacy requirements. In the United States, 13 states have passed their own privacy regulations, eight of them in 2023 alone. Globally, 17 countries passed new privacy laws between February 2021 and March 2023, coinciding with record-breaking fines. The European Union’s General Data Protection Regulation (GDPR) related fines grew 50% from 2022 to 2023.
“We’re proud to offer companies a simple, cost-effective way to understand their privacy choices and manage risk,” said Daphne Li, CEO of Common Sense Privacy. “The time is right to launch Common Sense Privacy’s enterprise solution under the umbrella of the brand that consumers trust for media and privacy ratings.”
The new independent company recently closed on $5 million in a funding round led by venture studio AI Fund with additional investment from both Magnify Ventures and Morgan Stanley Next Level Fund. Total funding of Common Sense Privacy since inception now stands at $6.2 million.
“AI Fund is thrilled to support Common Sense Privacy with our AI and business studio capabilities. Daphne Li’s vision of leveraging AI to scale privacy ratings is important both for civil rights and for broadening acceptance of AI,” said Andrew Ng, Managing General Partner of AI Fund, and globally recognized AI leader. “With increased sensitivity globally to how data is used, it is critical that businesses get privacy right. Common Sense Privacy helps companies protect consumer privacy and facilitates responsible safeguards.”
Consumer privacy tipping point
There are an estimated 5,000 new apps every day that need privacy labels for app store listing, and an estimated 252,000 new websites every day that must comply with consumer privacy regulations. Tighter regulations, record fines, new app store requirements, and escalating consumer concerns have created an estimated current market opportunity of $11 billion.
“After evaluating thousands of companies’ privacy policies, we see the challenges that companies face in meeting privacy best practice standards,” said Ellen Pack, President of Common Sense Media. “We’re working at every level to build a more healthy, equitable, and empowering future for all kids in the digital age and are excited that Common Sense Privacy can help companies make better privacy decisions.”
Scaling privacy ratings
Common Sense Privacy leverages state-of-the-art generative AI with Large Language Models (LLMs) to scale privacy ratings. Common Sense Privacy offers three solutions to help companies navigate privacy risk:
- Wizard — a privacy “wizard” tool that guides developers and companies through an online tutorial that helps them create privacy labels and policies;
- Dashboard — a privacy evaluation and dashboard that generates a privacy scorecard for each company and identifies actionable insights and potential gaps in adherence to best practices and emerging regulations; and
- Seal — a seal that recognizes companies who meet the very highest privacy standards and provide a competitive differentiator in building brand trust
For more information on how companies can join the waitlist and apply to qualify for Common Sense Privacy’s coveted seal, go to https://commonsenseprivacy.net/.
About Common Sense Privacy
Common Sense Privacy is establishing a new standard for trusted online privacy ratings for companies. Its AI-powered subscription software helps companies actively evaluate and manage privacy risk and enables top performers to differentiate their offerings with a trusted seal. The company provides benchmarking and actionable insights sourced from an unsurpassed wealth of best practice examples. Common Sense Privacy was founded by Common Sense Media, the nation’s leading nonprofit organization dedicated to improving the lives of all kids and families by providing the trustworthy information, education, and independent voice they need to thrive in the 21st century. For more information, see https://commonsenseprivacy.net/.
