Concentric AI, a leading provider of AI-driven Data Security Governance solutions, recently announced securing $45 million in a Series B funding round, bringing its total funding to over $67 million. The financing was led by Top Tier Capital Partners and HarbourVest Partners, with participation from CyberFuture and existing investors Ballistic Ventures, Engineering Capital, Clear Ventures, and Citi Ventures. Garth Timoll Sr., General Partner of Top Tier Capital Partners, was appointed to the Concentric AI Board of Directors.
The investment will support Concentric AI in expanding its go-to-market strategies and advancing its data security innovations to maintain its leadership in the market. The funding also solidifies Concentric AI as CyberFuture’s preferred Data Security Governance vendor for safeguarding critical data in various environments.
According to Mr. Timoll, Concentric AI plays a crucial role in enhancing data protection for organizations of all sizes, leveraging AI and natural language processing to deliver innovative solutions. The company’s DSPM solution is recognized for its effectiveness in safeguarding mission-critical and sensitive data.
Barmak Meftah, Ballistic Co-founder and General Partner, emphasized Concentric AI’s superiority in the DSPM space, particularly in data classification and access governance for sensitive data in AI systems. The company’s AI-driven product, led by Karthik Krishnan, has been lauded for its excellence and market-leading capabilities.
Jesse Whaley, CISO and investor at CyberFuture, highlighted Concentric AI’s comprehensive capabilities in covering on-prem datacenter and cloud environments, distinguishing it from other DSPM solutions in the market. The company’s technology depth and breadth have contributed to its rapid growth and success.
Concentric AI has experienced a significant 300% year-over-year growth and has significantly expanded its customer base in a short period. The rise of enterprise GenAI solutions like Microsoft Copilot has underscored the importance of intelligent data security governance, to which Concentric AI’s AI-based solutions are well-suited.
Organizations like the Southern Nevada Health District have benefited from Concentric AI’s data governance system, which has streamlined data security processes and improved compliance adherence. The market for Data Security Governance, encompassing DSPM and Data Access Governance markets, is projected to witness substantial growth in the coming years, driven by factors like data breaches, regulatory requirements, cloud migration, and data privacy concerns.
Concentric AI’s Semantic Intelligence solution has been pivotal in helping enterprises manage and protect their sensitive data effectively. The company’s unique deep learning approach, coupled with natural language processing, enables accurate identification of sensitive data, risk assessment, and security issue remediation.
Overall, Concentric AI’s AI-driven solutions are instrumental in securing critical business information across various applications and data sources used by today’s distributed workforce. The company’s continued innovation and market leadership position it as a key player in the evolving landscape of data security governance.