Nightfall AI, a cloud-native data loss prevention platform, has scored $20.3m in funding led by Bain Capital Ventures and Venrock.
Pear VC, Atlassian CTO Sri Viswanath and New York Jets player Kelvin Beachum also contributed to the round.
Having closed the round, the company is looking to enhance its platform and extend its reach.
The company utilizes machine learning and natural language processing to discover, classify and protect sensitive information within businesses an infrastructure like the cloud.
Nightfall CTO Rohan Sathe said, “When you have data scattered across numerous fragmented systems, not to mention people communicating in real time, it’s inevitable that sensitive information will get sprayed.
“Nightfall acts as a continuous shield, providing administrators the option of manually taking action on the data, leveraging automated workflows to prevent data loss, or classifying data historically for compliance.”
As part of the deal, Bain Capital Ventures partner Enrique Salem will join the Nightfall board of directors.
The world is becoming more protective of personal data and regulations like GDPR and California Consumer Privacy Act are requiring firms to get better grips on their systems and information.
Even through GDPR was implemented in March 2018, a full 20 months ago, only 28% of businesses believe they are compliant with the law. Going even further, financial services look to be the most at fault. The Irish Times recently claimed that of the 68 fines to be issued across the EU, financial services were responsible for the most, with 11 of the penalties.
Copyright © 2019 FinTech Global
Copyright © 2018 RegTech Analyst
