AI firm bags $8.5m to transform data protection & privacy
Cognigo, the AI-driven enterprise platform for data protection and compliance, has completed an $8.5 million Series A funding round.
Led by OurCrowd, with additional investment from Prosegur and State of Mind Ventures, the funds will be used to support Cognigo's global sales and marketing expansion and product development.
It will also be used to further fuel investment in its Cognitive Computing technology, which uses artificial intelligence to help organisations reach data protection and privacy regulatory compliance, including GDPR and the California Consumer Privacy Act.
"Data breaches are constantly expanding and some have a disastrous impact on both the privacy of users and the security posture of the organisation," said founder and CEO Guy Leibovitz.
"In today's era data has become the new currency. Regulations like California’s new privacy laws, slated to come in effect in January 2020, and GDPR require organizations to up their data privacy and protection methodologies.
"Cognigo’s technology combines cognitive science, AI and machine learning to reveal dark data at scale in real time and automatically enforce data privacy and protection regulations.
"We are excited to announce a strategic partnership with Prosegur which will help us expand our reach and deliver our unique solutions to an even wider audience."
Alejandro Alonso, managing director of Prosegur's cyber security arm, added: "We are excited to be working with this impressive team of professionals.
"Cognigo's technology and solutions introduce a new and innovative approach for organisations to manage their data to comply with data privacy regulations such as the GDPR.
"We see the market's demand for a practical and extremely efficient approach to GDPR. We are keen to kick-off this partnership with Guy and his talented team and together deliver innovative solutions that address a real and growing market challenge."