NVISIONx lands $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 enhance the organization’s Data Risk Intelligence platform, which uses AI and machine learning-driven algorithms to analyze data in the organization’s environment and identify critical assets that need protection.

This will enable decision makers to have a more holistic view of environmentally sensitive data and help them gain insights on how to better protect private information from unauthorized individuals and cyber attackers.

NVISIONx’s funding round was timely, as organizations are looking for new solutions to protect customer data, with 70% of managed service providers saying they believe security and governance is one of the top IT requirements for end customers.

Withdraw control of data security

As organizations move toward the cloud with the complexity of modern enterprise networks, and as data protection regulations such as CCPA and GDPR demand more compliance on the enterprise, data security is becoming a major challenge.

“Companies have lost control over their data,” NVISIONx CEO Glenn Day said in an interview. “Many companies have no idea where their critical data resides or how many copies of the same document there are, so they are weak and unable to manage business risk and regulatory compliance, while also raising the necessary legal risks.”

“Every company struggles to find out where their critical data is, what it looks like and who has access to it. Unless companies have more reliable inventories of data that put them at risk, data protection controls will be ineffective and bad things will continue to happen, ”he said.

The provider aims to support organizations by offering them a centralized solution that enables them to determine their most important data assets so they can focus on their protection and also clean up junk data that takes up expensive storage space. It is an approach designed to give enterprises more control over their data.

Proceeding from reactive data security

NVISIONx is part of the data privacy software market, valued by researchers at $ 1.57 billion in 2021 and expected to reach $ 17.75 billion by 2028.

OneTrust is one of the largest data privacy vendors competing against NVISIONx in the market, offering customers privacy, security and data governance platforms and raising $ 210 million last year to expand its compliance solutions. Today the company maintains a customer base of over 12,000.

Another major competitor is DataGrail, a privacy platform that enables organizations to automate privacy programs through a single platform, which last year rolled out integration with HubSpot and raised B 30 million in Series B funding.

While there are many privacy compliance solutions on the market, Day believes that NVISIONx’s focus on reducing data risks goes well beyond the scope of existing reactive brake-glass compliance equipment.

“We are one of the few cyber security solutions out there that promises to remain active through automated data security and continuous compliance monitoring. We start with the basic problem to address the cause of data breaches and prevent them from happening in the first place, “he said.” With our platform, organizations look at risk and compromise indicators before a breach occurs. ”

The funding round, led by Companion Ventures, featured the participation of Morgan Stanley Next Level Fund, Sixth Ventures, Gutbrain Ventures, PBJ Capital and Creativeco Capital.

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