1touch.io, a leading sensitive data intelligence solution, today announced it has secured a $14 million Series B round from leading investors Neotribe Ventures, with continuing support from National Grid Partners (NGP), Ocean Azul Partners and Jerusalem Venture Partners (JVP).
NEW YORK, May 5, 2023 /PRNewswire-PRWeb/ -- 1touch.io, provider of Inventa™, a sensitive data intelligence solution powered by advanced machine learning, announced today that it has secured a $14M series B round led by Neotribe Ventures with continuing support from National Grid Partners and Ocean Azul Partners. 1touch.io has gained significant momentum since the previous fundraise including over 300% year-to-year revenue growth highlighted by numerous Fortune 500 customers and global accounts with Financial Services, Insurance and Hospitality placing the largest orders. In addition, OEM agreements with IBM Security and Comforte have driven a strong channel strategy with additional reach into large accounts. This explosive growth potential helped to drive the fundraise in the current challenging financial climate.
Inventa's technological edge is what enables it to truly differentiate from legacy discovery and classification tools. Using network discovery and a machine-learning foundation, Inventa is built from open-APIs for easy integration. Its supervised AI module enables classification accuracy far superior to other alternative tools. Layered on top of the classification are business context and data insights to create intelligence which drives prioritization and efficiencies for security, privacy, compliance, governance and risk teams. This allows for more agile business responsiveness and therefore reduced corporate risk, and higher accuracy, with ability to deep dive into the 15% of hidden data that goes largely unmanaged.
Typical customer use cases include: Cloud Migration, Third Party Data Sharing, Attack Surface Reduction, DSAR Requests and DLP Extension."Basic discovery and classification has been around for a while but has not lived up to its promise until now," said Nitin Chopra from Neotribe Ventures. "We were excited by 1touch.io from the start but after validating the Inventa platform with multiple CISOs and CIOs, it became evident that 1touch.io's superior technical approach impressed and enthused them, leading to the consensus that Inventa is an essential tool for any business that prioritizes the secure management of their sensitive data."
"The process efficiencies we get from Inventa has been a game-changer in helping us pass audits, improve security posture and respond quickly to privacy requests. I can't imagine my organization functioning without it" said Vince D'Amico, Head of Information Security, Privacy and Business Security at Jennison Associates. "On top of that, the team is great to work with and always responsive to our questions and needs."
"Our focus has been to create the most accurate, scalable and secure sensitive data intelligence solution in the market," said Itzhak Assaraf, CTO of 1touch.io. "Our deep focus on Machine Learning to optimize the system for both petabyte scale and nearly flawless accuracy for any type of data has made us a shared service across security, privacy, and governance teams."
"At a time when companies are struggling to find venture capital, this up-round validates the technology behind our clear-blue water sensitive data intelligence strategy" said Zak Rubinstein, CEO of 1touch.io. "This round of investment will allow us to scale up our sales and marketing efforts and to increase our market share. We are very excited to be adding Nitin at Neotribe to our Board of Directors as we seek to expand our market presence."
About 1touch.io (https://1touch.io)
1touch.io Inventa is a leading sensitive data intelligence solution with unprecedented data discovery and classification technology to improve outcomes across the enterprise via a centralized management console. 1touch.io Inventa gives organizations complete visibility into the business value of all data – including shadow IT and unknown data sources – by automating the discovery process starting at the network-layer and providing a comprehensive, accurate and up-to-date master inventory. This visibility enables organizations of any size to easily meet security, privacy and compliance requirements while getting more out of their existing investments and improving operational efficiency.
About Neotribe Ventures (https://www.neotribe.vc/)
Neotribe Ventures focuses on strategic investments in early to growth-stage companies developing breakthrough technologies that stretch the imagination. Founded in 2017, the firm manages nearly $450 million in assets across three funds and has invested in a diverse set of companies including enterprise software, security, software infrastructure, AI/ML, robotics, climate tech, computational biology, and more.Just as tribes represent small, protective, and caring groups, Neotribe believes that startups with innovative and aspirational teams thrive if provided the security and backing to be unafraid in the pursuit of new ideas, excellence, and success.
Media Contact
Zak Rubinstein, 1touch.io, 1 646-475-2440, [email protected]
SOURCE 1touch.io
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