Concentric AI, a prominent provider of AI-based data security solutions, has successfully raised $45m in a Series B financing round.
This significant investment boosts the company’s total funding to more than $67m. The round saw leadership from Top Tier Capital Partners and HarbourVest Partners, with CyberFuture—a global CISO investment alliance—choosing Concentric AI as their DSPM vendor of choice after a comprehensive evaluation of the sector. This round also welcomed back existing investors including Ballistic Ventures, Engineering Capital, Clear Ventures, and Citi Ventures.
Concentric AI specializes in intelligent solutions for autonomous data security posture management (DSPM). Their products are designed to revolutionize how organizations protect their critical and private data across various environments.
The newly acquired funds will be directed towards expanding the company’s go-to-market strategies and accelerating innovations within the data security governance sector. This strategic infusion of capital is expected to further solidify Concentric AI’s leadership in the burgeoning market for AI-driven data security solutions.
Additional insights into the company’s growth reveal a 300% increase in year-over-year growth and a tripling of its customer base in less than six months. The rising adoption of Generative AI solutions in enterprise settings, such as Microsoft Copilot, has further propelled the demand for sophisticated data security governance capable of securing enterprise GenAI tools and AI assistants.
Garth Timoll Sr., General Partner at Top Tier Capital Partners, now a member of Concentric AI’s Board of Directors, remarked on the investment, “Concentric AI is transforming the way organizations of all sizes protect their mission-critical and private data. 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.”
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