DocAuthority, the creator of an AI-based data identification platform, has closed a $10m Series funding round.
The round was led by Raine Ventures and included investment by Greycroft, ffVC, Differential VC in the U.S., and 2B Angels and Plus Ventures in Israel. DocAuthority will use the financing to accelerate its growth, extend its reach into new markets and integration with key ecosystem partners.
Based in Raanana, Israel, he data management company claims to have created the world’s first AI-based data identification platform.
With GDPR putting data protection and proper usage at the top of the agenda for many organisations, they are now tasked with quickly discovering their data and validating that protection policies are compliant.
Recent large scale data breaches have also demonstrated the need for data management and protection. To solve these challenges, DocAuthority’s technology solution BusinessID identifies sensitive documents automatically and accurately. This enables companies to have a prioritised list of the documents to protet, focus only on high risk documents and eliminate all unnecessary work on other docs, as well as granular and business aligned data security policies. It help company’s understand business context of SIEM events, enabling business execs participation and buy-in, in addition to clear and management-readable risk criteria.
“Now more than ever, companies need highly efficient and accurate data management solutions. We believe DocAuthority is unique in the industry and are big supporters of the team and their vision. We’re excited to work with them to bring their technology to more companies around the world,” said Blair Ford, Partner at Raine Ventures.
The company provides its solutions to the financial services, retail, healthcare, government, services, telcos, energy and technogoly sectors.
With financial services companies prime targets for hackers and subject to scrutinising financial and privacy audits on a regular basis, DocAuthority finds all regulated data and other sensitive documents to help apply the best security practices.
This includes encrypting only the sensitive documents, setting minimal access permissions, and applying segregation of duties, thereby considerably reducing the risk of fraud. It also helps demonstrate to auditors full control over your sensitive data and the processes that use it.
“DocAuthority’s revolutionary BusinessID technology is a new branch in data science, offering a novel take on AI that solves a major problem in data management and protection,” said Ariel Peled, co-founder and CTO, DocAuthority. “With full automation and an accuracy level of 1:10,000, both business and security can agree and safely rely on policies for data classification, access management, DLP, encryption and as importantly, retention.”
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
