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Right this moment, LightBeam.ai emerged from stealth with $4.5 million in seed funding to announce the overall availability of its AI-powered, identity-centric knowledge privateness automation platform.
Lightbeam’s resolution makes use of AI and Pure Language Understanding (NLU) to determine segments of Personally Identifiable Info (PII) and tie it to a buyer’s identification.
For instance, the platform can determine the context of a nine-digit quantity to find out if that’s a random string of characters, a social safety quantity, checking account quantity or medical document after which decide who that knowledge belongs to.
This method permits enterprises to extend visibility of information saved all through the surroundings, what knowledge they should defend and who it belongs to.
Utilizing automation to maintain up with regulatory sprawl
The corporate is rising from stealth in opposition to a backdrop from which organizations are more and more making an attempt to maintain up with ever mounting privateness rules — with the U.S. saying a brand new data privacy pact and Utah turning into the fourth state to cross its personal privateness invoice.
As native and worldwide privateness rules multiply, there’s mounting strain for organizations to implement optimum knowledge administration practices to take care of compliance.
“Whereas shopper consciousness for knowledge privateness is rising, the business is hamstrung with legacy (guide) approaches to knowledge privateness administration in gentle of present and evolving privateness rules.,” mentioned LightBeam’s cofounder and product chief, Priyadarshi Prasad. “Privateness officers and data safety officers are having to cope with an exponentially rising quantity and number of knowledge, making the guide ‘checkbox’ method to privateness untenable.”
“On the identical time, prospects are beset with quite a few instruments, all attempting to resolve one or different facet of privateness governance. Siloed options are inherently extra expensive to accumulate and keep and enhance the chance of information publicity due to extra shifting elements.” he mentioned.
Lightbeam’s reply to the restrictions of regulatory complexity and the restrictions of legacy instruments is to assist organizations middle their knowledge safety technique round folks and their identities, reasonably than random knowledge.
As an alternative of merely scanning and cataloging knowledge that appears vital, Lightbeam’s AI makes an attempt to determine which specific buyer or identification the knowledge belongs to so safety groups can automate the safety of that knowledge extra successfully.
The information privateness automation market
Lightbeam isn’t the one supplier seeking to automate the problem of information privateness, with the worldwide data privacy software market projected to develop from $2.36 billion in 2020 to $25.85 billion by 2029 as extra organizations try and sustain with native and Worldwide knowledge safety legal guidelines.
The group is competing with a excessive variety of suppliers available in the market, together with knowledge discovery supplier, BigID, which may determine, classify and catalog structured and unstructured knowledge and supply customers with knowledge intelligence insights.
BigID at the moment holds a valuation of $1.25 billion following a $100 million prolonged sequence D funding spherical final 12 months.
One other key competitor is Collibra, a knowledge intelligence platform that may catalog knowledge in enterprise environments and automate knowledge governance workflows, which final 12 months raised $250 million in funding and achieved a valuation of $5.25 billion.
Though, Prasad argues that Lightbeam’s AI and its means to inform what buyer a bit of information belongs to present it a bonus over current options.
“Whereas different instruments get excited (and begin throwing alerts left and proper) once they detect a nine-digit quantity, LightBeam makes use of its AI/ML-stack to determine the identification to whom such a nine-digit quantity belongs. The identity-centric method helps organizations perceive and defend in opposition to the actual danger of delicate knowledge publicity and automate their knowledge safety privateness insurance policies primarily based on identities,” Prasad mentioned.
