Text IQ has raised $12.6 million in series A to strengthen its platform for enterprise compliance and privacy. With FirstMark Capital with Sierra Ventures backing Text IQ, the funding ensures smooth penetration for the company to cater to its enterprise segment of clients.
The Text IQ suite consists of the latest AI capabilities such as Unsupervised Learning, Graphical Modeling, and Deep Learning helping enterprises excavate sensitive information from a large volume of enterprise data. The solution has been specifically catered for executives, CXOs and general counsel members of Fortune 500 companies so that enterprise-wide risk can be reduced helping stakeholders manage and sustain the corporate reputation.
“We are in the right place at the right time to address a critical market need,” said Apoorv Agarwal, CEO, and Co-founder of Text IQ. “Over the last several years we have carefully crafted an advanced AI solution for finding ‘sensitive needles in a haystack,’ earning the trust of legal departments across the Fortune 500. Based on this success, clients are actively asking us to apply our technology to a broader range of problems. We have responded with new solutions for compliance and privacy that are already gaining traction with large enterprise customers as they grapple with monumental challenges such as GDPR and CCPA.”
Added Matt Turck, Partner at FirstMark Capital, “We are impressed with Text IQ’s ability to deliver superior results to customers – a potent combination of 50%-or-more risk reduction and annual multi-million-dollar savings. In addition, Text IQ’s customer conversion rate is nothing short of phenomenal – every prospect that has completed a proof of concept with the company has become a customer. Our goal with this investment is to help Text IQ grow exponentially faster.”
The Text IQ suite helps businesses identify sensitive information almost in real-time while ensuring a drastic reduction in dependency on manual processes.
Key attributes of the Text IQ suite are –
- Sensitive information identification happens ten times faster
- The cost incurred is four times lesser than traditional methods
- The risk of missing out on critical sensitive information drops to 50%
Headquartered in New York City, Text IQ has been a profitable company from the past eight quarters (straight). Its team has grown by five times with the company being confident to increase the headcount 2X by the end of 2019.
The advisory board of Text IQ consists of industry mavens such as-
Added Tim Guleri, Sierra Ventures, “Unstructured data is exploding, and enterprises need privacy management to stay competitive yet safe. This multi-billion-dollar market is shifting from manual approaches to using Artificial Intelligence, and we were looking for companies with superior technology solving this very specific enterprise need. Text IQ’s founders, Apoorv and Omar, have done a great job researching their markets, developing high-accuracy AI solutions, and delivering measurable benefits to their customers.”