One Trust, a privacy management software company, raised $150 million led by Al Gore’s Generation Investment Management, with participation from Sands Capital, but had to cut its valuation by $600 million to secure the funds.

In July 2019, the firm raised a $200 million Series A round at a $1.3 billion valuation, followed by a $210 million Series B round in February 2020 that gave the company a $2.7 billion valuation and a $300 million Series C round in December 2020 with a $5.1 billion valuation.

While the latest funding has brought the company’s total raised to over $1 billion, the valuation is now $4.5 billion. Last year, the company let go 950 employees. Currently, it employs more than 2,000 people.

Founded in 2016, the Atlanta-based firm offers a trust intelligence platform to help organizations visualize the data entering their environment, manage it, meet compliance requirements and ensure transparency.

“In the face of changing regulations and new business initiatives like AI, organizations need the technology to drive trust to the center of their operations and manage the complex web of privacy, security, ethics, and ESG requirements,” said Kabir Barday, founder, CEO, and chairman of OneTrust.

The company says it has over 14,000 active customers, more than double compared to 2020.

OneTrust is the second cybersecurity vendor to drop its valuation in exchange for more cash, following Boston-based application security provider Snyk, which reduced its valuation by $1.1 billion in exchange for $196.5 million in funding.