Israeli cybersecurity startup MinerEye, which specializes in data privacy and protection has raised $3.6 million in its first financing round including $3 million from Canadian venture capital fund Awz HLS Fund I.
MinerEye offers Artificial Intelligence (AI) powered information governance to automate the identification and tracking of non-compliant data in enterprise scale repositories and storage platforms.
MinerEye's patent-pending technology fuses computer vision and machine learning to identify sensitive data patterns based on learning sets of exemplar files. MinerEye’s Data Tracker product scans and clusters large on-premises data repositories as well as cloud repositories, and then tracks the data's behaviour to alert and trigger policy enforcement tools and report on non-compliant data. The product is commercially available having already been installed in several large financial institutions in the US and Europe.
MinerEye founder and CEO Yaniv Avidan said, "Organizations are inundated with “Dark Data” - data that is typically unstructured, unidentified and unclassified. This dark data is continuously created, modified and stored during regular business activity, but later fails to be governed or reused according to privacy and data protection laws and regulations. MinerEye's Data Tracker technology ensures increased data control and compliance for companies facing the EU’s General Data Protection Regulation (GDPR). Our mission is to put data in order, and make it more protected, compliant and reusable.”
This investment follows six other investments made by Awz HLS Fund I in Israeli high-tech companies in the last 18 months. Recently, Awz HLS Fund I announced a $4.25 million investment in Pcysys, an Israeli startup that developed a system for automatically testing resilience for organizational networks, and a $4.5 million investment in NanoLock Security, an Israeli startup specializing in cyber-shielded technology components for the IoT market.
In 2017, AWZ HLS Fund I announced a $3.5 million investment in SIGA Data Security, an Israeli company that develops cyber security technologies for critical control and operation systems in the operational technology (OT) space, as well as a $5.25 million investment in Octopus Systems Ltd, an Israeli company that developed a cloud-based information platform that protects organizations from cyber and physical attacks.
Awz HLS Fund I founder and CEO Yaron Ashkenazi said, "Organizations are now starting to deal with a growing number of challenges regarding data protection. MinerEye's technology provides a unique data management and protection solution to allow organizations to cope with the growing risks to organizational information and new regulatory requirements. Our investment in MinerEye is consistent with our early investments and focuses on companies that provide a significant, innovative and creative solution against threats in the business and public sectors through breakthrough technologies from the cyber, intelligence and physical security sectors".
Advocate Etti Koren, of Koren-Grodberg & Co. Law Offices, represented the Awz HLS Fund in Israel.
Published by Globes [online], Israel business news - www.globes-online.com - on March 5, 2018
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