<p><strong>SAN MATEO</strong> &#8212; Concentric AI, a leading vendor of <a href="https://cts.businesswire.com/ct/CT?id=smartlink&;url=https%3A%2F%2Fconcentric.ai%2F&;esheet=54141401&;newsitemid=20241023142039&;lan=en-US&;anchor=intelligent+AI-based+solutions&;index=1&;md5=9a0f57cd297176bb402e4aada24b981f" target="_blank" rel="nofollow noopener" shape="rect">intelligent AI-based solutions</a> for autonomous data security posture management (DSPM), has secured financing of $45 million in a Series B round, bringing the company’s total funding to more than $67 million. The funding round was led by Top Tier Capital Partners and HarbourVest Partners. CyberFuture, a global CISO investment alliance, also participated in the funding after a thorough evaluation of numerous DSPM vendors. Existing investors Ballistic Ventures, Engineering Capital, Clear Ventures, and Citi Ventures also participated in this round.</p>
<p>In addition, Garth Timoll Sr., General Partner of Top Tier Capital Partners, has been named to the Concentric AI Board of Directors.</p>
<p>This new round of funding will enable Concentric AI to expand go-to-market strategies and accelerate its industry-leading data security innovations to further cement its leadership position in the AI-driven Data Security Governance market. The investment also distinguishes Concentric AI as CyberFuture’s DSPM vendor of choice in protecting critical data across diverse environments.</p>
<p>“Concentric AI is transforming the way organizations of all sizes protect their mission-critical and private data,” said Mr. Timoll. “Top Tier Capital Partners looks to invest in innovative companies with great growth potential. We believe Concentric AI’s leading DSPM solution leveraging AI and natural language processing certainly meets that criteria.”</p>
<p>“Before leading the Series A round for Concentric AI, we looked at almost all vendors in the broader DSPM space,” said Barmak Meftah, Ballistic Co-founder and General Partner. “The area of data classification, data access governance and especially the new use cases of sensitive data going into AI systems represents a market that is rapidly growing, and strength and depth of technology matters. Concentric AI, by far, has the best AI-driven product, and we always knew the product and the team, led by Karthik Krishnan, are the best in the market. We are elated to welcome our good friends at Top Tier Capital Partners and HarbourVest Partners to join us in this great journey as we are experiencing incredible growth and market traction.”</p>
<p>”We thoroughly examined the competitive field of DSPM solutions and found that Concentric AI stands out because of the breadth and depth of their capabilities and the fact that they can cover both on-prem datacenter and cloud environments,” said Jesse Whaley, CISO and investor at CyberFuture.</p>
<p>Concentric AI reports 300% year-over-year growth and has tripled customer count in less than six months. Generative AI solutions such as Microsoft Copilot are gaining traction in enterprise environments and changing how organizations interact with data across their environments. This has accelerated the need for intelligent data security governance. Concentric AI, with its AI-based context-aware data discovery, classification, risk monitoring and remediation capabilities, is uniquely positioned to secure enterprise GenAI tools and AI assistants, including Microsoft Copilot.</p>
<p>“Concentric AI is helping us manage our sensitive data across diverse environments,” said Jason Frame, CIO, Southern Nevada Health District. “We have now moved on from manual, error-prone processes to a robust, AI-driven data governance system. With Concentric AI, we’ve strengthened our data security and have aligned operations with the compliance standards required of our organization.”</p>

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