Concentric AI Achieved 200-percent Growth in 2022 as Demand for its Leading Data Security Posture Management Solution Accelerated Worldwide

Concentric AI, a leading vendor of intelligent AI-based solutions for autonomous data security posture management, announced a record year for 2022, which saw sales grow by 200 percent over 2021, following its first year of shipping in 2021. The company realized rising sales traction across the board, particularly in industries with heightened data security and compliance concerns, including healthcare, financial services, energy, manufacturing, education, and high-tech.

Concentric AI secures data-centric work using AI to protect business-critical information hidden in the numerous applications and databases used by today’s distributed workforce. The company’s unique deep learning solution autonomously and accurately identifies sensitive data, assesses risk, and remediates security issues, allowing organizations across industries to fully address their data security needs for the first time.

“Data remains a vulnerable threat surface,” said Karthik Krishnan, Concentric AI CEO. “Data Security Posture Management solutions like Concentric Semantic Intelligence™ are emerging as a proven approaches to help protect mission critical enterprise data across structured and unstructured data, as well as email and messaging applications. We are thrilled to be able to help customers at petabytes scale accurately protect their data without needing to utilize large teams to write rules or regex and administer on an ongoing basis.”

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Industry Recognition

Last year Gartner recognized Concentric AI in four Hype Cycles – Data Security, Security Operations, Storage and Data Protection, and Data Management. Within Gartner’s “Hype Cycle for Data Security, 2022”, Concentric AI was specifically recognized as a vendor in the emerging Data Security Posture Management space, in addition to the Data Access Governance and Data Discovery and Management categories. Garner uses Hype Cycles to recognize emerging technologies and help customers understand how the value of a technology evolves over its maturity lifecycle.

In 2022, Concentric AI was named one of the 10 Hottest Cybersecurity Products at Black Hat by CRN. The company also was a Baby Black Unicorn Award finalist, awarded to companies which could be worth $1 Billion in market value in 3 – 5 years. In addition, Solutions Review named Concentric AI one of the best data security platforms in 2022. Finally, Concentric AI was a finalist for the SINET innovation award in 2022. SINET evaluates hundreds of emerging cybersecurity technologies and selects the most innovative and compelling companies.

Product Innovation

Concentric AI introduced several major updates to its Semantic Intelligence™ data security posture management solution in 2022, including:

• Integration with Snowflake and CTERA to extend data security posture management capabilities to those solutions
• Industry-first functionality to protect data shared as text or attachments across most popular messaging platforms, including e-mail, Slack and Microsoft Teams
• Launched Concentric Exchange for out-of-the-box risk identification within the Semantic Intelligence platform. This industry-first anonymous data security policy marketplace simplifies and improves organizations’ data security and access governance efforts by sharing the expertise and experience of other Concentric AI customers for effective data security management.

Leadership Announcements and Growth

Concentric AI announced its Series A round of funding led by Ballistic Ventures and Citi Ventures in May, and expanded its leadership team in 2022 to match the acceleration of growth witnessed during the course of the year.

By the Numbers

In 2022 Concentric AI monitored up to 1.5 petabytes of data per customer and secured 1 million users. The Semantic Intelligence platform protected 24 million unstructured data files/records from being overshared and classified 400 million data files/records for its customers.

Concentric AI also released the Data Risk Report for 2022. Based on analysis from real-world customer environments of nearly 500 terabytes of data, Semantic Intelligence found on average that 15 percent of business-critical data, or around 802,000 data files/records, were overshared across enterprise environments (up 34 percent from the previous report). Oversharing with external users/third-parties comprised 17 percent of overall oversharing, with internal users/groups comprising the remaining 83 percent of overall oversharing. See the full report at https://concentric.ai/pdf/concentric-data-risk-report/

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Customer Satisfaction

Concentric AI continued to provide extraordinary customer value across industries. For example, within financial services where sensitive data is prominent, Concentric AI worked with one of the largest U.S. credit unions to deploy its data classification and data security posture management program.

“We had tried to roll out our data security posture management program multiple different times using different products,” said the credit union’s Principal IT Security Architect. “They all failed based on the fact that they were all using regular expressions as a way of detecting the different categories of data we have. It didn’t work. Concentric AI hit every single data category that we needed to identify using AI, and that’s the real benefit of the product. By using machine learning to go in and figure out sensitivity based on the context and content of the of the data, and then to monitor and protect that data – that was absolutely spot-on and is working very well for us.”

Concentric AI’s Semantic Intelligence™ automates unstructured and structured data security using deep learning to categorize data, uncover business criticality and reduce risk. Its Risk Distance™ analysis technology uses the baseline security practices observed for each data category to spot security anomalies in individual files. It compares documents of the same type to identify risk from oversharing, third-party access, wrong location, or misclassification. Organizations benefit from the expertise of content owners without intrusive classification mandates, with no rules, regex, or policy maintenance needed.