- Concentric AI announced recently that it raised $14.5 million in Series A funding. These are the details.
Concentric – a leading vendor of intelligent AI-based solutions for protecting business-critical data – recently announced it has raised $14.5 million in Series A funding.
Led by Ballistic Ventures, this investment targets the $19 billion market for data security, access governance, and loss prevention. And Citi Ventures also participated in the round as a strategic investment, as did current investors Core Ventures Group, Engineering Capital, and Clear Ventures.
As a result of the investment, Ballistic Ventures’ Barmak Meftah will join Concentric’s Board of Directors. Recognized as one of the most successful business leaders in enterprise software and cybersecurity, Meftah served as the President of AT&T Cybersecurity, a role assumed after the successful acquisition of AlienVault where he led the company for six years as CEO. Under Meftah’s leadership, AT&T established itself as a cybersecurity leader and one of the world’s top-five largest managed security services providers (MSSPs).
Concentric serves organizations awash in business-critical data that they cannot protect. And using the company’s autonomous data security solution, security professionals can now discover, evaluate, and remediate security issues without resorting to armies of analysts or asking end-users for help.
Concentric co-founders Karthik Krishnan (CEO), Madhu Shashanka (Chief Data Scientist), and Shankar Subramaniam (CTO and VP, Engineering) believe emerging deep learning technologies are the answer. And with these investments, the company will grow its existing roster of corporate customers through expanded sales and marketing efforts and extend its solution to protect an expanding menu of content, locations, and use cases.
KEY QUOTES:
“Artificial intelligence and machine learning continue to transform how large global financial institutions can protect their most important asset, their data. Data security professionals face the twin threats of sophisticated cybercriminals and a cybersecurity staff shortage. Concentric has the team and solution needed to capitalize on the need for autonomous data security for better protection with lower costs, and we look forward to supporting them on this journey of continued growth.”
– Citi Ventures’ Vibhor Rastogi, Global Director, AI/ML Investments
“Data security and access governance – especially for information hidden in unstructured content – is an enormous unaddressed market. Concentric has the right technology and team to deliver tremendous customer value and take data security to the next level. With the help of Ballistic’s expertise and our extensive network of security contacts, their growth potential is virtually unlimited.”
– Ballistic Ventures’ Barmak Meftah
“Our mission is simple: We are remaking the multi-billion dollar data security market with an autonomous solution capable of discovering, evaluating, and protecting structured and unstructured content across the entire cloud and on-premises landscape. The teams at Ballistic and Citi Ventures are packed with high-powered cybersecurity creators and industry luminaries who see our potential and share our vision. Together we’ll establish Concentric as one of the industry’s leading cybersecurity players.”
– Concentric co-founder Karthik Krishnan
