Concentric AI Achieves 200-percent Growth in 2023 as Leader in Data Security Posture Management

Company Triples Customer Count; Adds Industry Veteran Marcus Bragg to Board of Directors

February 21, 2024 08:00 AM Eastern Daylight Time

SAN JOSE, Calif., Feb. 21, 2024 — Concentric AI, a leading vendor of intelligent AI-based solutions for autonomous data security posture management (DSPM), today announced a record year for 2023, which saw customer count triple and sales grow by 200 percent over 2022. The company continues to see significant 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.

During 2023 Concentric AI continued to grow in AI-based data security expertise and leadership, including welcoming industry veteran Marcus Bragg to its Board of Directors. Mr. Bragg has more than 20 years of leadership experience in customer focused GTM design, talent management, sales, marketing, and customer success. Most recently, he was Chief Operating Officer of Netlify. Previously, Mr. Bragg served as Chief Operating Officer of AlienVault, seeing the company through its successful acquisition by AT&T. He also served as SVP of worldwide sales and customer success at Zendesk, where he helped grow the company from $70M to $300M in revenue and through one of 2014’s most successful IPOs.

Concentric AI secures data-centric work using AI to protect business-critical information hidden in the numerous applications, data stores 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 meet 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 AI’s Semantic Intelligence™ are an important technology to help protect mission critical enterprise data across structured and unstructured data, as well as email and messaging applications. We are thrilled to uniquely help customers at petabyte scale to accurately protect their data without requiring a large amount of upfront or ongoing work.”

Industry Recognition

Last year Gartner recognized Concentric AI in three Hype Cycles – Data Security, Privacy and Data Storage and Protection. Garner uses Hype Cycles to recognize emerging technologies and can help customers understand how the value of a technology evolves over its maturity lifecycle. Concentric AI was also named in Gartner’s Innovation Insight for Data Security Posture Management. The company was also included in Forrester Research’s Sensitive Data Discover and Classification Landscape for 2023.

In 2023, Concentric AI was awarded the 2023 SINET 16 Innovator award for being the most innovative and compelling early-stage cybersecurity startup from a pool of 195 companies from 13 countries. Concentric AI was also named one of the 10 Coolest Cybersecurity Startups at the RSA Conference 2023 by CRN. CRN also named the company one of the 10 Hottest AI Startups to Watch for in 2024.

Product Innovation

Concentric AI introduced several major updates to its Semantic Intelligence™ data security posture management solution in 2023, including:

Patent Grant

In 2023 Concentric AI was granted a foundational patent for using large language models to understand the content and context of every data record for accurate data discovery, risk monitoring and protection. According to Gartner®, “Foundation models (which are mostly large language models) are designed to replace task-specific models”…“Foundation models represent a huge step change in the field of artificial intelligence, due to their massive pretraining and significant improvements in accuracy across a variety of tasks.” 1

Partnerships and Alliances

Concentric AI announced a new partner program to bring its market-leading DSPM product to the channel. Enabling partners to provide cutting-edge data security to their customers played a significant role in Concentric AI’s success in 2023. In addition, Concentric AI announced technology alliance partnerships with CrowdStrike, Cohesity, and CTERA.

Concentric AI also released the semiannual Data Risk Report for 2H 2023. Based on analysis from real-world customer environments of nearly one petabit of data, Concentric AI Semantic Intelligence found on average 443 data files/records per employee overshared across enterprise environments (up 34% from the previous year). The report also revealed that oversharing with external users/3rd parties comprised 17% of overall oversharing, with oversharing to internal users/groups comprising the rest. See the full report at https://concentric.ai/pdf/concentric-data-risk-report/.

Note 1 – Gartner, Inc. “Innovation Insight for Artificial Intelligence Foundation Models,” by Arun Chandrasekaran, Magnus Revang, Arnold Gao. Oct. 27, 2022. GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved

About Concentric AI
With Concentric AI, organizations can finally address their unmet data security needs by discovering and protecting business-critical content. Concentric AI protects intellectual property, financial data, PII/PCI content, customer data, business confidential content and more, across on-premises and cloud-based data stores, as well as messaging and communication applications. The Concentric AI Semantic Intelligence™ Data Security Posture Management (DSPM) solution uses deep learning and Risk Distance™ analysis to accurately categorize data, assess risk, and remediate security issues – without relying on upfront rules or complex configuration. Concentric AI is venture-backed by leading Silicon Valley VCs and is headquartered in San Jose, Calif. For more information, see https://www.concentric.ai.

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Concentric™, Semantic Intelligence™ and Risk Distance™ are or may be registered trademarks of Concentric AI, Inc. All other marks and names mentioned herein may be trademarks of their respective companies.

Contact
Dan Spalding
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