Concentric AI, which provides intelligent AI solutions for autonomous DSPM, secured $45 million in series B financing to bring its total funding to over $67 million. The round was led by Top Tier Capital Partners and HarbourVest Partners, with CyberFuture, as well as previous investors Ballistic Ventures, Engineering Capital, Clear Ventures and Citi Ventures also participating.
Additionally, Garth Timoll Sr., general partner, Top Tier Capital Partners, was named to Concentric AI’s board.
The funding will allow Concentric AI to expand go-to-market strategy and accelerate data security innovation to cement its leadership position in the AI-driven data security governance market.
“Concentric AI is transforming the way organizations of all sizes protect their mission-critical and private data,” said 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.”
“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.
