Redactable – an AI-driven web application built to redact sensitive documents quickly and permanently – recently announced that it has raised $5.5 million in seed funding led by Gradient Ventures (Google’s AI-focused venture fund) with participation from Wocstar Fund, existing pre-seed investors, and notable angel investors.
Redactable’s AI-driven platform automatically detects sensitive information within documents and redacts it with results that companies can trust. And the additional capital comes more than a year after the company’s initial $1.3 million in pre-seed funding, supported by investors including Everywhere Ventures, Hustle Fund, Revelry, and Stony Lonesome Group – which helped launch the platform in July 2022.
When individuals and companies share documents that contain confidential data with external parties, redaction is essential. And PDF editing tools and legacy software on the market are often used to hide sensitive information, but that information is never entirely hidden and can be easily uncovered – which leaves confidential information exposed.
Companies and organizations with a large amount of critical and sensitive data are taking notice of the benefits of Redactable. And Redactable was recently awarded a $1.25 million U.S. Air Force contract that will utilize the company’s patented software to protect sensitive documents and automate business processes to address the most pressing challenges in the Department of the Air Force (DAF).
Redactable utilizes a B2B SaaS business model and it is industry agnostic. And the patented software leverages Natural Language Processing and Machine Learning to auto-detect Personally Identifiable Information (PII) in a document and redacts it fast and permanently. The new funding round will advance Redactable’s market reach, visibility, and operations.
Redactable founder and CEO Amanda Levay founded Redactable from her pain point as a former loan consultant. And she saw firsthand how unsafe common redaction methods are and set out to change the landscape.
KEY QUOTES:
“With so much confidential information being shared electronically, the risk of data vulnerability for both individuals and organizations is increasing exponentially. Too much time is spent using black markers or drawing boxes over sensitive data, which is not only inefficient but also ineffective.”
“We’re seeing a much bigger market for redaction than we initially thought. It isn’t only law firms or the government, but also telehealth platforms, real estate companies, and even recruitment firms who are redacting resumes for diversity and inclusion purposes.”
- Amanda Levay, Redactable founder and CEO
“In an era of escalating data breaches and privacy concerns, there is a growing need for innovative solutions like Redactable. Redactable’s practical approach to improving document security through AI is well-positioned to meet modern demands of both individuals and businesses.”
- Kyle Duffy, Operating Partner at Gradient Ventures
“We’re not just investing in innovative tech solutions; we’re backing bold and exciting entrepreneurs like Redactable’s CEO Amanda Levay. She and her team are reimagining how companies scale, succeed, and bring new products to market. They represent the future we all need and deserve.”
- Gayle Jennings-O’Byrne, Co-Founder and General Partner at Wocstar Fund
