- Text IQ announced it raised $12.6 million in Series A funding led by FirstMark Capital with Sierra Ventures
- This round of funding will be used for accelerating its expansion into enterprise compliance and privacy
AI solutions company Text IQ announced that it raised $12.6 million in Series A funding led by FirstMark Capital with Sierra Ventures. This round of funding will be used for accelerating its expansion into enterprise compliance and privacy.
The Text IQ suite of AI solutions will be leveraging the latest in unsupervised learning, graphical modeling, and deep learning to uncover sensitive information hidden in enterprise data.
“We are in the right place at the right time to address a critical market need,” said Text IQ CEO and co-founder Apoorv Agarwal. “Over the last several years we have carefully crafted an advanced AI solution for finding ‘sensitive needles in a haystack,’ earning the trust of legal departments across the Fortune 500. Based on this success, clients are actively asking us to apply our technology to a broader range of problems. We have responded with new solutions for compliance and privacy that are already gaining traction with large enterprise customers as they grapple with monumental challenges such as GDPR and CCPA.”
The solution helps CPOs, CIOs, CCOs, general counsel, and other executive roles at Fortune 500 companies reduce enterprise-wide risk and manage corporate reputation.
“We are impressed with Text IQ’s ability to deliver superior results to customers – a potent combination of 50%-or-more risk reduction and annual multi-million-dollar savings,” added FirstMark Capital partner Matt Turck. “In addition, Text IQ’s customer conversion rate is nothing short of phenomenal – every prospect that has completed a proof of concept with the company has become a customer. Our goal with this investment is to help Text IQ grow exponentially faster.”
And Text IQ has recorded 8 straight quarters of revenue growth and profitability while growing its team 5 times in the past eight months. And the company is expecting to double its headcount by the end of 2019.
Text IQ has built a suite of AIO solutions for helping enterprises find sensitive information in near real time, which greatly improves upon traditional manual processes. And Text IQ’s AI solutions identify sensitive information at 10 times the speed and 4 times less cost than traditional methods – along with reducing the risk of missing sensitive information by over 50%.
Text IQ was founded by Agarwal and COO Omar Haroun. Agarwal earned a Ph.D. from Columbia University and worked in internship programs at IBM and Morgan Stanley. And Haroun was previously a managing partner at Oxford Digital Consulting Group. Text IQ had actually started out as Agarwal’s thesis at Columbia called “Social Network Extraction From Text.”
Plus Text IQ also has an all-star Advisory Board, which includes former Apple and Oracle General Counsel Dan Cooperman, former Verizon General Counsel Randal Milch, former Baxter International Global General Counsel Marla Persky, and former Nationwide Insurance Chief Legal and Governance Officer Patricia Hatler.
“Unstructured data is exploding, and enterprises need privacy management to stay competitive yet safe,” explained Sierra Ventures managing director Tim Guleri. “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.”
