Text IQ, an AI solution for identifying sensitive data, has collected $12.6m in its Series A funding round.
New York-based venture capital firm FirstMark Capital and Silicon Valley-based early-stage investor Sierra Ventures led the investment.
Capital from the round will be used to accelerate the company’s expansion info enterprise compliance and privacy.
New York-headquartered Text IQ leverages AI and natural language processing technology for unsupervised learning, graphical modelling, and deep learning to uncover sensitive information hidden within enterprise data. The technology stack is capable of finding sensitive information in near real-time, uncovering the information 10-times quicker and four-times cheaper than traditional methods, the company claims.
It works by using natural language language processing and social network analysis to extract both structured and unstructured data, mapping language and people on a ‘social linguistic hypergraph.’ The machine learning solution then transforms this into context and meaning. Finally, the software searches for sensitive information often overlooked by human-based processes.
The RegTech has witnessed a strong period of growth, with an eight-quarter streak of revenue growth and profitability. Additionally, the company has grown its team by five-times in the past eight months.
Sierra Ventures managing director Tim Guleri said, “Unstructured data is exploding, and enterprises need privacy management to stay competitive yet safe. This multi-billion-dollar market is shifting from manual approaches to using Artificial Intelligence, and we were looking for companies with superior technology solving this very specific enterprise need.
“Text IQ’s founders, Apoorv and Omar, have done a great job researching their markets, developing high-accuracy AI solutions, and delivering measurable benefits to their customers.”
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