LightBeam.ai, a data privacy and security startup, has raised $17.8 million in fresh funds.
Founded in 2020, the company wants to help businesses adapt their data security in an increasingly AI-powered world. In short, because employees at companies are now expected to handle and access various forms of data, the risk of security breaches is higher, according to LightBeam CEO Himanshu Shukla CEO.
LightBeam’s security platform works to collate and classify both structured and unstructured data from companies using AI to ensure documents and databases are compliant and protected.
“In the era of generative AI breakthroughs, organizations are empowered to unlock valuable insights from customer data,” Shukla told Business Insider.
“However, this advancement poses the crucial challenge of ensuring secure and compliant handling of customer data within the evolving landscape of AI governance and privacy regulations.”
The company’s funding round was led by Vertex Ventures, with additional capital coming from Dropbox Ventures and existing investors 8VC and Village Global.
LightBeam claims to have grown its customer base significantly in the past year into sectors like finance, health, and insurance which aided its fundraising efforts.
“Raising capital in the latter part of 2023 remained challenging for most startups based on our conversations with other startups and VCs,” Shukla said.
“Beyond having a compelling idea and a high-caliber team, the emphasis on customer traction, tangible revenues, and a long-term business model geared towards profitability became pivotal in securing funding.”
The new funding will go towards scaling the San Francisco-based startup’s head count having previously focused predominantly on technology investment.
“We aim to augment our sales, marketing, and customer success teams, strategically allocating resources to drive expansion in these critical areas,” Shukla added.
“Within 12 months of our Series A funding, we anticipate quadrupling our go-to-market teams and adding capacity to our R&D teams.”
Check out LightBeam.ai’s 16-slide Series A pitch deck below:
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