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As we speak, LightBeam.ai emerged from stealth with $4.5 million in seed funding to announce the final availability of its AI-powered, identity-centric information privateness automation platform.
Lightbeam’s resolution makes use of AI and Pure Language Understanding (NLU) to establish segments of Personally Identifiable Info (PII) and tie it to a buyer’s identification.
For instance, the platform can establish 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 file after which decide who that information belongs to.
This method allows enterprises to extend visibility of knowledge saved all through the setting, what information they should shield 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 laws — with the U.S. saying a brand new data privacy pact and Utah turning into the fourth state to go its personal privateness invoice.
As native and worldwide privateness laws multiply, there’s mounting stress for organizations to implement optimum information administration practices to take care of compliance.
“Whereas shopper consciousness for information privateness is growing, the trade is hamstrung with legacy (handbook) approaches to information privateness administration in mild of present and evolving privateness laws.,” stated LightBeam’s cofounder and product chief, Priyadarshi Prasad. “Privateness officers and knowledge safety officers are having to cope with an exponentially rising quantity and number of information, making the handbook ‘checkbox’ method to privateness untenable.”
“On the identical time, prospects are beset with quite a few instruments, all attempting to resolve one or different side of privateness governance. Siloed options are inherently extra pricey to amass and preserve and enhance the danger of knowledge publicity due to extra shifting elements.” he stated.
Lightbeam’s reply to the constraints of regulatory complexity and the constraints of legacy instruments is to assist organizations heart their information safety technique round individuals and their identities, slightly than random information.
As an alternative of merely scanning and cataloging information that appears vital, Lightbeam’s AI makes an attempt to establish which explicit buyer or identification the data belongs to so safety groups can automate the safety of that information extra successfully.
The info privateness automation market
Lightbeam isn’t the one supplier seeking to automate the problem of knowledge 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 to sustain with native and Worldwide information safety legal guidelines.
The group is competing with a excessive variety of suppliers out there, together with information discovery supplier, BigID, which might establish, classify and catalog structured and unstructured information and supply customers with information intelligence insights.
BigID at present holds a valuation of $1.25 billion following a $100 million prolonged sequence D funding spherical final yr.
One other key competitor is Collibra, an information intelligence platform that may catalog information in enterprise environments and automate information governance workflows, which final yr raised $250 million in funding and achieved a valuation of $5.25 billion.
Though, Prasad argues that Lightbeam’s AI and its potential to inform what buyer a chunk of knowledge belongs to present it a bonus over current options.
“Whereas different instruments get excited (and begin throwing alerts left and proper) after 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 shield in opposition to the actual danger of delicate information publicity and automate their information safety privateness insurance policies primarily based on identities,” Prasad stated.
