National Grid, JVP Back Data Discovery Startup 1touch.io in $14 Million Series A Round
1touch.io develops an automated AI data discovery, mapping and tracking system that uses natural language processing, and deep network analysis to let businesses, government agencies, and corporations securely maintain private data on civilians
Stamford, Connecticut-headquartered data discovery startup 1touch.io Inc. has raised $14 million in a series A funding round led by National Grid Partners (NGP), the investment arm of utility company National Grid PLC, and Jerusalem Venture Partners (JVP), 1touch.io announced Wednesday.
Founded in 2017, 1touch.io develops an automated data discovery, mapping, and tracking system that catalogs all sensitive information in an organization’s databases. The system uses AI, natural language processing, and deep network analysis to let businesses, government agencies, and corporations securely maintain private data on customers and civilians and comply with international data privacy regulations. 1touch.io has additional offices in southern Israeli town Be’er Sheva.
Additional investors in the current round include the State of Connecticut's investment arm Connecticut Innovations Inc. (CI), San Francisco-based Mindset Ventures, and Florida-based Ocean Azul Partners.
1Touch co-founders Zak Rubinstein (left), Dimitry Shevchenko, Itzhak Assaraf
“Today’s privacy and security concerns have highlighted the need for organizations to have a granular understanding of the flows of their protected data,” 1touch.io co-founder and CEO Zak Rubinstein said in a statement. “The need for fully automated, accurate, ongoing, and seamless discovery and categorization extends well beyond privacy into security, governance, and business intelligence, which have been hampered by recent global events,” he added.
“1touch.io brings a unique solution to global regulations protecting privacy,” JVP founder and chairman Erel Margalit said in a statement. “The company enables every enterprise to protect its sensitive data by understanding its flow and usage, whether it is known or hidden to the enterprise,” he added.
“With the click of a button, the organization can locate information according to search value, whether it is structured or unstructured data, whether it is text, image, or video,” Margalit said. “In an age where everything is known about us, we need to allow people, customers, and organizations to share data on the one hand and protect privacy using preset policies on the other.”