Text IQ raised a $12.6 million funding round today for its sensitive information detection tool. The service helps government agencies and businesses comply with privacy legislation and laws that obligate omission of personally identifiable information.
The funding will be used to grow hiring efforts for Text IQ's AI research and engineering team, as well as sales and marketing teams. It will also be used to spur growth in Ireland and the European Union where companies are trying to stay compliant with GDPR privacy laws.
"There's all kinds of personal information which can be structured like social security numbers, credit card numbers, but those are more or less solved problems," CEO Apoorv Agarwal told VentureBeat in an interview. "What remains to be unsolved are more unstructured mentions of personal information. Something like, 'Hey, I was diagnosed with cancer, need three weeks of vacation.' That's very sensitive, personal health information."
Text IQ currently works with about 150 highly regulated businesses or government agencies around the world. Future endeavors may be made more for companies in search of fast growth.
The company uses a combination of natural language processing and graphical models for deep learning to advance state of the art approaches for identifying information in text data.
"The advantage you get from graphical models is that it's probabilistic distribution so It's explainable, and in the world we live in, it's very important to give compliance or privacy officers a sense of why the machine came up with this sort of label, some explanation of AI," he said.
The $12.6 million Series A funding round was led by FirstMark Capital with participation from Sierra Ventures. Text IQ has raised $16 million since the company was incorporated in 2014.
Text IQ is based in New York City and has offices in San Francisco, Vancouver, and Cork, Ireland. The company has less than 100 employees today, Agarwal said.
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