Tausight, an AI-powered data security company, has raised an additional $6m with the financing round led by Polaris Capital.
Joining this investment venture were Flare Capital Partners and .406 Ventures.
This innovative company is at the forefront of leveraging AI technology to guard some of healthcare’s most vulnerable data from cyber threats. Their main product, the AI-powered PHI Security Intelligence platform, streamlines the process of identifying and classifying electronic protected health information (ePHI).
This not only enhances the safety of patients’ confidential data but the recent expansion of the Tausight platform now covers an even wider array of sensitive healthcare data categories. This expansion enables the company to address pivotal customer requirements and cater to emerging healthcare market segments.
The newly acquired funds have a defined purpose. Tausight plans to use this capital to amplify its market presence and bolster its customer growth. A portion of this investment will also be channelled to further enhance their patented AI technology.
Highlighting the growing significance of cybersecurity, earlier this year, President Biden unveiled his National Cybersecurity Strategy. This move underscores the increasing awareness of rampant ransomware attacks and cyber threats that major industries, especially healthcare, are contending with. Each security breach not only tarnishes a company’s reputation but also levies hefty business costs. Hence, fortifying against these cyber vulnerabilities and safeguarding against ransomware attacks have ascended to the top of business agendas.
Tausight founder and Chief Technology Officer David Ting commented, “This additional funding reflects our continued momentum as we expand Tausight’s AI-based data security platform to more segments of the healthcare ecosystem so the industry can take proactive steps to protect its data from cyber threats.”
Further adding to the discussion on Tausight’s capabilities, Dave Barrett, partner with Polaris Partners, said, “Tausight is uniquely approaching the healthcare cybersecurity crisis by reinventing traditional data security through transformative AI. This new funding shows our confidence that Tausight can help the entire ecosystem – including healthcare providers, payors and 3rd party security solutions – to better identify, detect and protect their most sensitive data.”
Earlier in the year, Tausight announced the launch of its expanded AI-powered PHI Security Intelligence platform, marking another significant milestone for the company.
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global
