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Today, data risk intelligence provider NVISIONx closed its seed funding round with $4.6 million. The funding will help enhance the organization’s data risk intelligence platform, which uses algorithms powered by AI and machine learning to analyze data in an organization’s environment and identify critical assets that need protection.
This will enable decision-makers to have a more holistic view of sensitive data in the environment and will help them generate insights on how to better protect private information from unauthorized individuals and cyber attackers.
NVISIONx’s funding round was well-timed, as organizations are looking for new solutions to protect customer data, with 70% of managed service providers saying they believe security and governance are among the top IT needs for end customers.
Taking back control of data protection
With the complexity of modern enterprise networks increasing as organizations move to the cloud, and data protection regulations like the CCPA and GDPR imposing more compliance demands on enterprises, securing data is becoming a bigger challenge.
“Companies have lost control of their data,” said NVISIONx CEO Glen Day in an interview. “Many companies have no idea where their critical data lives or how many copies of the same document there are, leaving them vulnerable and unable to manage business risk and regulatory compliance, while also posing necessary legal risks. “
“Every company struggles with knowing where their critical data is, what it looks like, and who has access to it. Until companies have more reliable inventories of the data that puts them at risk, the data protection controls will remain ineffective and bad things will continue to happen,” he said.
The provider aims to support organizations by offering them a centralized solution that enables them to pinpoint their most important data assets so they can focus on protecting them while also purging junk data that takes up costly storage space. It’s an approach designed to give enterprises greater control over their data.
Going beyond reactive data security
NVISIONx organization is part of the data privacy software market, which researchers valued at $1.57 billion in 2021 and anticipate will reach a valuation of $17.75 billion by 2028.
One of the largest data privacy vendors competing against NVISIONx in the market is OneTrust, which offers customers a privacy, security, and data governance platform, and raised $210 million to expand its compliance solutions last year. Today the company maintains a customer base of over 12,000.
Another key competitor is DataGrail, a privacy platform that enables organizations to automate privacy programs through a single platform, which last year released an integration with HubSpot and raised $30 million in Series B funding.
While there are many privacy compliance solutions on the market, Day believes that NVISIONx’s focus on mitigating data risks goes well beyond the scope of existing reactive break-glass compliance tools.
“We are one of the few cybersecurity solutions out there that delivers on the promise of being proactive through automated data security and continuous compliance monitoring. We start at the root problem to address the cause of data breaches and prevent them from happening in the first place,” he said. “With our platform, organizations see the indicators of risk and compromise before breaches can happen.”
The funding round, led by Companion Ventures, featured participation from Morgan Stanley Next Level Fund, SixThirty Ventures, Gutbrain Ventures, PBJ Capital, and CreativeCo Capital.