Concentric AI – a leading vendor of intelligent AI-based solutions for autonomous data security posture management (DSPM) – announced it has raised $45 million in a Series B round, bringing the company’s total funding to over $67 million. This funding round was led by Top Tier Capital Partners and HarbourVest Partners. CyberFuture, a global CISO investment alliance, also participated in the funding after a thorough evaluation of numerous DSPM vendors. Existing investors Ballistic Ventures, Engineering Capital, Clear Ventures, and Citi Ventures also participated in this round.
Garth Timoll Sr., General Partner of Top Tier Capital Partners, was also named to the Concentric AI Board of Directors. And this new round of funding will enable Concentric AI to expand go-to-market strategies and accelerate its industry-leading data security innovations to further cement its leadership position in the AI-driven Data Security Governance market. This funding also differentiates Concentric AI as CyberFuture’s DSPM vendor of choice in protecting critical data across diverse environments.
Concentric AI also experienced 300% year-over-year growth and has tripled customer count in less than six months. And generative AI solutions like Microsoft Copilot are gaining traction in enterprise environments and changing how organizations interact with data across their environments. This accelerated the need for intelligent data security governance. Concentric AI, with its AI-based context-aware data discovery, classification, risk monitoring and remediation capabilities, is uniquely positioned to secure enterprise GenAI tools and AI assistants, such as Microsoft Copilot.
Concentric AI utilizes 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. And the company’s unique deep learning solution using sophisticated natural language processing autonomously and accurately identifies sensitive data, assesses risk, and remediates security issues, enabling organizations across industries to meet their data security needs for the first time fully.
This automates unstructured and structured data security 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.
KEY QUOTES:
“Concentric AI is transforming the way organizations of all sizes protect their mission-critical and private data. 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.”
-Garth Timoll Sr.
“Before leading the Series A round for Concentric AI, we looked at almost all vendors in the broader DSPM space. The area of data classification, data access governance and especially the new use cases of sensitive data going into AI systems represents a market that is rapidly growing, and strength and depth of technology matters. Concentric AI, by far, has the best AI-driven product, and we always knew the product and the team, led by Karthik Krishnan, are the best in the market. We are elated to welcome our good friends at Top Tier Capital Partners and HarbourVest Partners to join us in this great journey as we are experiencing incredible growth and market traction.”
-Barmak Meftah, Ballistic Co-founder and General Partner
”We thoroughly examined the competitive field of DSPM solutions and found that Concentric AI stands out because of the breadth and depth of their capabilities and the fact that they can cover both on-prem datacenter and cloud environments.”
-Jesse Whaley, CISO and investor at CyberFuture
“Concentric AI is helping us manage our sensitive data across diverse environments. We have now moved on from manual, error-prone processes to a robust, AI-driven data governance system. With Concentric AI, we’ve strengthened our data security and have aligned operations with the compliance standards required of our organization.”
-Jason Frame, CIO, Southern Nevada Health District
“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. 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.”
-Karthik Krishnan, Concentric AI Founder and CEO
