Data discovery and privacy platform 1touch.io has closed its Series A round on $14m to help increase its market presence.
The investment was led by National Grid Partners and Jerusalem Venture Partners. Additional contributions came from Connecticut Innovations, Mindset Ventures, and Ocean Azul Partners.
With the close of the round, the company hopes to increase its research and development, and bolster its field presence.
The RegTech company offers network-based data discovery that enables an organisation to automatically identify all data repositories that store sensitive information, such as PII, PHI and PCI-related. It also empowers them to uncover the business processes that access, replicate, move and update such data repositories.
Through its continuous discovery maps, businesses can get a holistic view of how sensitive data is being used, meeting compliance with GDPR, CCPA, PCI, HIPAA and other regulations.
1touch.io founder and CEO Zak Rubinstein said, “Today’s privacy and security concerns have highlighted the need for organizations to have a granular understanding of the flows of their protected data.
“The need for fully automated, accurate, ongoing, and seamless discovery and categorization extends well beyond privacy into security, governance, and business intelligence, which have been hampered by recent global events.”
In tandem with the deal, NGP vice president Pradeep Tagare will join the 1touch.io board of directors.
1touch.io’s flagship solution Inventa utilises machine learning and AI technology to continuously and accurately catalogue a company’s consumer data in near real-time. This includes structured and unstructured data, data at rest and data in motion, known data, and unknown data.
National Grid Partners president Lisa Lambert said, “In these uncertain times, few things are more mission-critical than data security.
“1touch.io is uniquely positioned to address this growing market opportunity, and we’re particularly impressed with the impact they’re having on customers like National Grid who manage critical assets.”
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