Concentric AI, a San Mateo, CA-based company specializing in AI-driven solutions for autonomous data security posture management (DSPM), has raised $45 million in Series B funding.
Investors
The round was led by Top Tier Capital Partners and HarbourVest Partners, with participation from CyberFuture and existing investors, including Ballistic Ventures, Engineering Capital, Clear Ventures, and Citi Ventures. This bring Concentric AI's total funding to over $67 million.
Top Tier Capital Partners specializes in managing niche-focused funds of funds, secondaries, and co-investment strategies. They invest in both primary and secondary venture capital funds and select portfolio companies, creating diverse portfolios aimed at spotting emerging trends and maximizing returns.
HarbourVest Partners is a global private markets firm with over 40 years of experience and $127 billion in assets under management as of March 31, 2024. Their platform provides access to global primary funds, secondary transactions, direct co-investments, real assets, infrastructure, and private credit. The firm focuses on strategic partnerships and innovative offerings to deliver insights and global opportunities to clients.
Garth Timoll Sr. of Top Tier has joined Concentric AI's Board of Directors.
Concentric AI Use of Funds
The funding will enhance Concentric AI’s market strategies and accelerate its data security innovations, solidifying its leadership in the rapidly growing DSPM sector.
About Concentric AI
Concentric AI provides AI-based solutions for autonomous data security posture management (DSPM). Their solutions leverage artificial intelligence (AI) and natural language processing to help organizations discover, classify, and protect sensitive data across various environments, including cloud and on-premises systems. Concentric AI protects intellectual property, financial data, PII/PCI content, customer data, business confidential content, and more.The Concentric AI Semantic Intelligence DSPM solution uses deep learning to accurately categorize data, assess risk, and remediate security issues – without relying on upfront rules or complex configuration.
Funding Details
Company: Concentric AI Software, Inc.
Raised: $45.0M
Round: Series B
Funding Date: October 2024
Lead Investors: Top Tier Capital Partners, HarbourVest Partners
Additional Investors: CyberFuture, Ballistic Ventures, Engineering Capital, Clear Ventures, Citi Ventures
Company Website: https://concentric.ai/
Software Category: Data Security Posture Management
Source: https://www.businesswire.com/news/home/20241023142039/en/