Subject: VEN
Redactable raises $5.5 million in seed funding for AI redaction platform to protect sensitive documents
Redactable's AI-based redaction platform raises $5.5 million in seed funding led by Gradient Ventures - Google's AI-focused venture fund.
NEW YORK, Dec. 14, 2023 /PRNewswire-PRWeb/ -- Redactable, an AI-driven web application built to redact sensitive documents quickly and permanently, has raised $5.5 million in seed funding led by Gradient Ventures, Google's AI-focused venture fund with participation from Wocstar Fund, existing pre-seed investors, and notable angel investors.
Redactable's AI-driven platform automatically detects sensitive information in documents and redacts it with results that companies can trust. The additional capital comes more than a year after the company's initial $1.3 million in pre-seed funding, supported by investors including Everywhere Ventures, Hustle Fund, Revelry, and Stony Lonesome Group, which helped launch the platform in July 2022.
When individuals and companies share documents that contain confidential data with external parties, redaction is crucial. PDF editing tools and legacy software on the market are often used to "hide" sensitive information, but that information is never fully hidden and can be easily uncovered, leaving confidential information exposed.
Organizations with a large amount of critical and sensitive data are taking notice of the benefits of Redactable. Redactable was recently awarded a $1.25 million U.S. Air Force contract that will utilize the company's patented software to protect sensitive documents and automate business processes to address the most pressing challenges in the Department of the Air Force (DAF).
"With so much confidential information being shared electronically, the risk of data vulnerability for both individuals and organizations is increasing exponentially," explains Amanda Levay, Redactable founder and CEO. "Too much time is spent using black markers or drawing boxes over sensitive data, which is not only inefficient but also ineffective."
Redactable utilizes a B2B SaaS business model and is industry agnostic. The patented software leverages Natural Language Processing and Machine Learning to auto-detect Personally Identifiable Information (PII) in a document and redacts it fast and permanently. The new funding will be used to advance Redactable's market reach, visibility, and operations.
"In an era of escalating data breaches and privacy concerns, there is a growing need for innovative solutions like Redactable," said Kyle Duffy, Operating Partner at Gradient Ventures. "Redactable's practical approach to improving document security through AI is well-positioned to meet modern demands of both individuals and businesses."
"We're not just investing in innovative tech solutions; we're backing bold and exciting entrepreneurs like Redactable's CEO Amanda Levay," said Gayle Jennings-O'Byrne, Co-Founder and General Partner at Wocstar Fund. "She and her team are reimagining how companies scale, succeed, and bring new products to market. They represent the future we all need and deserve."
Levay founded Redactable from her personal pain point as a former loan consultant. She saw firsthand how unsafe common redaction methods are and set out to change the landscape. "We're seeing a much bigger market for redaction than we initially thought. It isn't only law firms or the government, but also telehealth platforms, real estate companies, and even recruitment firms who are redacting resumes for diversity and inclusion purposes."
About Redactable
Redactable is a web-based platform built to redact confidential documents from any browser. The proprietary software leverages Natural Language Processing and Machine Learning technology (NLP/ML) technology to auto-detect sensitive information in documents. By delivering secure redaction, document scrubbing, and AI-driven workflows, Redactable is the gold standard in redaction software. To learn more, visit: www.redactable.com
Media Contact
Amanda Levay, Redactable Inc., 1 917-938-7399, [email protected], https://www.redactable.com
SOURCE Redactable Inc.
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