DocAuthority Closes $10 Million Series A Funding Led by Raine Ventures
Company has developed world’s first AI-based data identification platform
Raanana, Israel, June 4, 2018 – DocAuthority, the data management company responsible for creating the world’s first AI-based data identification platform, today announced the completion of a $10 million Series A funding led by Raine Ventures and including investment by Greycroft, ffVC, Differential VC in the U.S., and 2B Angels and Plus Ventures in Israel. DocAuthority will use the financing to accelerate its growth, extend its reach into new markets and integration with key ecosystem partners.
“This is an important milestone for DocAuthority and we’re thrilled to receive the financial and strategic support of these prominent investors,” said Steve Abbott, CEO of DocAuthority. “DocAuthority enables organizations to manage data based on both risk profile and business value, offering a common language across an organization. Assigning data management policies, based on business category, easily aligns security controls with business usage of data.”
GDPR has made data protection and proper usage a top priority for many organizations. They are now tasked with quickly discovering their data and validating that protection policies are compliant. Recent large scale data breaches have also demonstrated the need for data management and protection. Automated data discovery, identification and classification have always represented major technology challenges, and insufficient accuracy levels have led to numerous failed data protection projects. DocAuthority’s proprietary technology solution BusinessID solves these problems as data management and protection initiatives only continue to grow.
Barnaby Davies, Project Manager, Medical Protection Society: “After carefully assessing the features, complexity and cost of multiple solutions, DocAuthority clearly established itself as the front runner to achieve our business objectives.”
According to Gartner analysts Douglass Laney, VP Distinguished Analyst, and Ankush Jain, “By 2020, more than 20% of organizational business plans will use infonomics to provide a financial analysis of data assets and liabilities.” 1
“DocAuthority’s revolutionary BusinessID technology is a new branch in data science, offering a novel take on AI that solves a major problem in data management and protection,” said Ariel Peled, Co-founder and CTO, DocAuthority. “With full automation and an accuracy level of 1:10,000, both business and security can agree and safely rely on policies for data classification, access management, DLP, encryption and as importantly, retention.”
According to Gartner analysts Marc Meunier, Research Director and Eric Ouellet, Research VP: “Data classification should not granularly label individual files; rather, it should create large categories of similar data and establish a core set of principles regarding the proper use, handling and applicability of various protection profiles for each category.” 2
“Now more than ever, companies need highly efficient and accurate data management solutions. We believe DocAuthority is unique in the industry and are big supporters of the team and their vision. We’re excited to work with them to bring their technology to more companies around the world,” said Blair Ford, Partner at Raine Ventures.
1 Gartner, 100 Data and Analytics Predictions Through 2021 , 20 June 2017
2 Gartner, How to Overcome Pitfalls in Data Classification Initiatives, March 2016, 4 August 2017 (refreshed)
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