Global CISO Investment Alliance CyberFuture also Participated in Funding Round to Further Broaden Global Reach of Concentric AI’s Leading Data Security Posture Management Solution

October 24, 2024 11:07 AM Eastern Daylight Time

SAN MATEO, Calif.–(BUSINESS WIRE)–Concentric AI, a leading vendor of intelligent AI-based solutions for autonomous data security posture management (DSPM), announced today it has secured financing of $45M in a Series B round, bringing the company’s total funding to more than $67 million. The funding round was led by Top Tier Capital Partners and HarbourVest Partners. CyberFuture, a global CISO investment alliance, also participated in the funding after a thorough evaluation of numerous DSPM vendors. Existing investors Ballistic Ventures, Engineering Capital, Clear Ventures, and Citi Ventures also participated in this round.

Concentric AI secures $45M financing in Series B round led by Top Tier Capital Partners and HarbourVest Partners to capitalize on rapidly growing DSPM marketPost this

In addition, Garth Timoll Sr., General Partner of Top Tier Capital Partners, has been named to the Concentric AI Board of Directors.

This new round of funding will enable Concentric AI to expand go-to-market strategies and accelerate its industry-leading data security innovations to further cement its leadership position in the AI-driven Data Security Governance market. The investment also distinguishes Concentric AI as CyberFuture’s DSPM vendor of choice in protecting critical data across diverse environments.

“Concentric AI is transforming the way organizations of all sizes protect their mission-critical and private data,” said Mr. Timoll. “Top Tier Capital Partners looks to invest in innovative companies with great growth potential. We believe Concentric AI’s leading DSPM solution leveraging AI and natural language processing certainly meets that criteria.”

“Before leading the Series A round for Concentric AI, we looked at almost all vendors in the broader DSPM space,” said Barmak Meftah, Ballistic Co-founder and General Partner. “The area of data classification, data access governance and especially the new use cases of sensitive data going into AI systems represents a market that is rapidly growing, and strength and depth of technology matters. Concentric AI, by far, has the best AI-driven product, and we always knew the product and the team, led by Karthik Krishnan, are the best in the market. We are elated to welcome our good friends at Top Tier Capital Partners and HarbourVest Partners to join us in this great journey as we are experiencing incredible growth and market traction.”

”We thoroughly examined the competitive field of DSPM solutions and found that Concentric AI stands out because of the breadth and depth of their capabilities and the fact that they can cover both on-prem datacenter and cloud environments,” said Jesse Whaley, CISO and investor at CyberFuture.

Concentric AI has experienced 300% year-over-year growth and has tripled customer count in less than six months. Generative AI solutions such as Microsoft Copilot are gaining traction in enterprise environments and changing how organizations interact with data across their environments. This has accelerated the need for intelligent data security governance. Concentric AI, with its AI-based context-aware data discovery, classification, risk monitoring and remediation capabilities, is uniquely positioned to secure enterprise GenAI tools and AI assistants, including Microsoft Copilot.

“Concentric AI is helping us manage our sensitive data across diverse environments,” said Jason Frame, CIO, Southern Nevada Health District. “We have now moved on from manual, error-prone processes to a robust, AI-driven data governance system. With Concentric AI, we’ve strengthened our data security and have aligned operations with the compliance standards required of our organization.”

The Data Security Governance market comprised of the DSPM and Data Access Governance (DAG) markets is projected to experience significant growth in the coming years. As of recent estimates, the market size is expected to exceed $8 billion by 2027, growing at a compound annual growth rate (CAGR) of over 30 percent. Key drivers of this growth include:

1. Increased Data Breaches: Organizations are prioritizing data security due to the rising frequency and severity of cyberattacks.
2. Regulatory Requirements: Compliance with various data protection regulations is pushing companies to invest in data security governance solutions.
3. Cloud Migration: As more businesses adopt cloud technologies, the need for effective security measures to manage sensitive data is increasing.
4. Data Privacy Awareness: Increasing awareness of data privacy issues is leading organizations to implement stronger governance measures.

“We are thrilled to welcome Top Tier Capital Partners, HarbourVest Partners and CyberFuture to the Concentric AI family, and Garth Timoll Sr. to the board,” said Karthik Krishnan, Concentric AI Founder and CEO. “Operationalizing data security remains a huge challenge for enterprises and Concentric AI has now demonstrated across diverse verticals and companies of all sizes that its Semantic Intelligence solution helps enterprises easily discover, monitor and protect their most sensitive business critical data. This round allows us to significantly accelerate our go-to-market and engineering capabilities to meet the growing and pressing needs in the marketplace for AI-driven data security solutions to help address enterprises’ security and compliance requirements.”

Concentric AI secures data-centric work using AI to protect business-critical information hidden in the numerous applications, data stores and databases used by today’s distributed workforce. The company’s unique deep learning solution using sophisticated natural language processing autonomously and accurately identifies sensitive data, assesses risk, and remediates security issues, allowing organizations across industries to fully meet their data security needs for the first time. It automates unstructured and structured data security both on premises and in cloud environments using deep learning to categorize data, uncover business criticality and reduce risk in enterprises’ most popular databases, data repositories, email and messaging applications, and enterprise GenAI tools and AI assistants.

About Concentric AI

With Concentric AI, organizations can finally address their unmet data security needs by discovering and protecting business-critical content. Concentric AI protects intellectual property, financial data, PII/PCI content, customer data, business confidential content and more, across on-premises and cloud-based data stores, as well as messaging and communication applications. The Concentric AI Semantic Intelligence™ Data Security Posture Management (DSPM) solution uses deep learning to accurately categorize data, assess risk, and remediate security issues – without relying on upfront rules or complex configuration. Concentric AI is venture-backed by leading Silicon Valley VCs and is headquartered in San Mateo, Calif. For more information, see https://www.concentric.ai.

Concentric AI and Semantic Intelligence™, are or may be registered trademarks of Concentric AI, Inc. All other marks and names mentioned herein may be trademarks of their respective companies.

Contacts

Dan Spalding
dan@concentric.ai
(408) 960-9297

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