Highlights:

  • Concentric’s technology connects all the business’s databases, data warehouses, email and messaging programs, SaaS platforms, and even generative AI chatbots, like Copilot from Microsoft Corp.
  • Concentric makes sure that no information is moved from its intended location to prevent unintentionally disclosing its customers’ data.

Concentric Inc. raised USD 45 million in the latest funding round spearheaded by Top Tier HarbourVest Partners and Capital Partners.

CyberFuture and seasoned investors Ballistic Ventures, Engineering Capital, Clear Ventures, and Citi Ventures all participated in the Series B round, increasing the startup’s total fundraising to over USD 67 million.

The startup anticipates to serve businesses that are overflowing with data that they find difficult to safeguard to get into the global market for data access governance, which is predicted to reach over USD eight billion by 2027. Its primary offering is a type of data cataloging tool that uses artificial intelligence (AI) to locate all business data stored in rarely accessible places, and to highlight any information that might be compromised.

Concentric claims that data inventory is a major issue for most businesses nowadays. The issue is that they can’t possibly hope to protect all the business-critical data they have accumulated and scattered over so many different locations. The data is dispersed over many cloud infrastructure platforms, software-as-a-service platforms, cloud-based file storage, and other storage buckets.

Despite this, the majority of businesses do not have an effective method for monitoring it. More than half of businesses use Excel spreadsheets as their primary tool for data privacy and compliance reporting, according to a survey cited by Concentric.

Security teams no longer need to recruit teams of analysts or rely on end users to help them find and analyze their data, or fix any problems that could jeopardize it, due to Concentric’s self-contained data cataloging tool.

Concentric’s technology connects all the business’s databases, data warehouses, email and messaging programs, SaaS platforms, and even generative AI chatbots, like Copilot from Microsoft Corp. After everything is connected, Concentric’s AI algorithms start searching for confidential files, passwords, meeting audio and video records, and any other information that security professionals would find concerning.

After identifying any data that may be of issue, Concentric advises users on how to improve data security and guarantee compliance with regulations. Additionally, the application can trace data lineage, revealing the file origin and its current usage inside the company.

Concentric makes sure that no information is moved from its intended location to prevent unintentionally disclosing its customers’ data. Rather, the data it catalogs is represented semantically. Therefore, businesses can be sure that none of their private data is stored there.

According to the business, one of the best cybersecurity tactics is this type of proactive data cataloging. It cites the 2021 Cost of Data Breach research by IBM Corp., which discovered that businesses may save data breach expenses by up to 84% by implementing automated security solutions.

According to Concentric’s Co-founder and CEO Karthik Krishnan, the company’s quick adoption of generative AI technologies like Microsoft’s Copilots has allowed it to triple its customer base in less than six months and see 300% year-over-year growth, both off undisclosed grounds. The business plans to use financing to accelerate product development and broaden its go-to-market methods.