Israeli Startup Cognigo Raises $8.5M For AI-Based Data Compliance Platform
Israeli startup Cognigo, which developed an AI-driven platform for data compliance, announced this week that it raised $8.5 million in a Series B funding round led by OurCrowd, with participation from Prosegur, and State of Mind Ventures.
The new funding will be used to support Cognigo’s global sales and marketing expansion and product development, as well as further fuel investment in its Cognitive Computing technology, which helps organizations achieve data protection and privacy regulatory compliance, OurCrowd said in a statement.
Cognigo’s CEO and founder Guy Leibovitz said: “Data breaches are constantly expanding, and some have a disastrous impact on both the privacy of users and the security posture of the organization. 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 the 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.”
“Data is today’s most valuable asset for both individuals and companies,” said OurCrowd CEO Jon Medved. “Cognigo provides companies with the critical tools and systems they need to get control of their data. With today’s new privacy regulations such as the GDPR and the CCPA, control and protection of data Is crucial not only to avoid regulatory fines, but also to avoid embarrassment and business disruption.”