NVISIONx Raises $4.6M to Enhance Data Risk Intelligence Platform
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Today, data risk intelligence provider NVISIONx closed its seed funding round with $4.6 million. The funding will help improve 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 gain a more holistic view of sensitive data in the environment and help them gain insights on how to better protect private information from unauthorized individuals and cyber attackers.
NVISIONx’s funding round was well-timed as organizations look for new solutions to protect customer data, with 70% of the Managed Service Providers say they believe security and governance are among the most important IT needs of end customers.
Take back control of data protection
With the complexity of modern business networks increasing as organizations move to the cloud, and data protection regulations such as the CCPA and the GDPR increasing compliance requirements for enterprises, securing data becomes more challenging.
“Companies have lost control of their data,” said Glen Day, CEO of NVISIONx in an interview. “Many companies have no idea where their critical data resides or how many copies of the same document there are, leaving them vulnerable and unable to manage business risk and regulatory compliance, while also presenting necessary legal risks . “
“Every business struggles with knowing where their critical data is, what it looks like and who has access to it. Until companies have a more reliable inventory of the data that puts them at risk, data protection controls will remain ineffective and bad things will continue to happen,” he said.
The provider aims to support organizations by providing them with a centralized solution that allows them to locate their most important data assets so that they can focus on protecting them while cleaning up unwanted data that takes up precious storage space. It’s an approach designed to give companies greater control over their data.
Going beyond reactive data security
NVISIONx organization is part of the data privacy software marketwhich researchers have estimated to be worth $1.57 billion in 2021 and are expected to reach a valuation of $17.75 billion by 2028.
One of the largest data privacy providers competing with NVISIONx in the market is OneTrust, which provides customers with a platform for privacy, security, and data management and raised $210 million last year to expand its compliance solutions. Today, the company has a customer base of more than 12,000.
Another major competitor is DataGrail, a privacy platform that allows organizations to automate privacy programs through a single platform, which last year integrated with HubSpot and raised $30 million in Series B financing.
While there are many privacy compliance solutions on the market, Day believes NVISIONx’s focus on mitigating data risk goes well beyond existing break-glass reactive compliance tools.
“We are one of the few cybersecurity solutions to deliver on the promise of proactively delivering through automated data security and continuous compliance monitoring. We are starting at the root of the problem to address the root cause of data breaches and prevent them from happening,” he said. “With our platform, organizations see the indicators of risk and compromise before breaches can occur.”
The funding round, led by Companion Ventures, included participation from Morgan Stanley Next Level Fund, SixThirty Ventures, Gutbrain Ventures, PBJ Capital and CreativeCo Capital.
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