• Follow us

Internet

Text IQ, a machine learning platform for parsing sensitive corporate data, raises $12.6M – TechCrunch

Text IQ, a machine learning system that parses and understands sensitive corporate data, has raised $12.6 million in Series A funding led by FirstMark Capital, with participation from Sierra Ventures.

Text IQ started as co-founder Apoorv Agarwal’s Columbia thesis project titled “Social Network Extraction From Text.” The algorithm he built was able to read a novel, like Jane Austen’s “Emma,” for example, and understand the social hierarchy and interactions between characters.

This people-centric approach to parsing unstructured data eventually became the kernel of Text IQ, which helps corporations find what they’re looking for in a sea of unstructured, and highly sensitive, data.

The platform started as a tool used by corporate legal teams. Lawyers often have to manually look through troves of documents and conversations (text messages, emails, Slack, etc.) to find specific evidence or information. Even using search, these teams spend loads of time and resources looking through the search results, which usually aren’t as accurate as they should be.

“The status quo for this is to use search terms and hire hundreds of humans, if not thousands, to look for things that match their search terms,” said Agarwal. “It’s super expensive, and it can take months to go through millions of documents. And it’s still risky, because they could be missing sensitive information. Compared to the status quo, Text IQ is not only cheaper and faster but, most interestingly, it’s much more accurate.”

Following success with legal teams, Text IQ expanded into HR/compliance, giving companies the ability to retrieve sensitive information about internal compliance issues without a manual search. Because Text IQ understands who a person is relative to the rest of the organization, and learns that organization’s “language,” it can more thoroughly extract what’s relevant to the inquiry from all that unstructured data in Slack, email, etc.

More recently, in the wake of GDPR, Text IQ has expanded its product suite to work in the privacy realm. When a company is asked by a customer to get access to all their data, or to be forgotten, the process can take an enormous amount of resources. Even then, bits of data might fall through the cracks.

For example, if a customer emailed Customer Service years ago, that might not come up in the company’s manual search efforts to find all of that customer’s data. But because Text IQ understands this unstructured data with a person-centric approach, that email wouldn’t slip by its system, according to Agarwal.

Given the sensitivity of the data, Text IQ functions behind a corporation’s firewall, meaning that Text IQ simply provides the software to parse the data rather than taking on any liability for the data itself. In other words, the technology comes to the data, and not the other way around.

Text IQ operates on a tiered subscription model, and offers the product for a fraction of the value they provide in savings when clients switch over from a manual search. The company declined to share any further details on pricing.

Former Apple and Oracle General Counsel Dan Cooperman, former Verizon General Counsel Randal Milch, former Baxter International Global General Counsel Marla Persky and former Nationwide Insurance Chief Legal and Governance Officer Patricia Hatler are on the advisory board for Text IQ.

The company has plans to go on a hiring spree following the new funding, looking to fill positions in R&D, engineering, product development, finance and sales. Co-founder and COO Omar Haroun added that the company achieved profitability in its first quarter entering the market and has been profitable for eight consecutive quarters.

Read More



Leave A Comment

More News

Latest ITProPortal news

Redefining the term engineer in the workplace. 2019-07-01 05:00:10Lots of people have 'engineer' in their job title, but what is engineering?

The predictive art of retention – using data 2019-07-01 04:30:34As the number of people voluntarily leaving their job roles continues to rise, it is now harder than ever to attract and retain talent. More companies

Vital points to consider while choosing the platform 2019-07-01 04:00:27Selecting the best platform for your website is an absolute requirement for your business, but choosing the right platform isn’t that easy.

Modernising mission critical communications 2019-07-01 04:00:18The modernisation of mission critical communications with intelligent push-to-talk broadband solutions.

Wi-Fi 6 vs. 5G: Key advantages for businesses 2019-06-28 07:00:222019 will be a landmark year for wireless connectivity and the Internet of Things (IoT), with the launches of Wi-Fi 6 and 5G making headlines across t

Why UK government organisations are a key target 2019-06-28 06:30:44Why aren’t government organisations doing more to protect their systems, the services they manage and the citizens they serve?

Somerville bans facial recognition in public 2019-06-28 06:30:30After San Francisco comes Somerville, and after that - possibly Oakland

Russia's Google breached, users spied upon 2019-06-28 06:00:29Yandex says the attack was spotted at an early stage

Boards have woken up to the value of 2019-06-28 06:00:01Security is now a priority for boards but managing security is as complex as ever.

Seven reasons asset compliance blows-up 2019-06-28 05:30:32How TAM can help businesses stay compliant and avoid the most common pitfalls.

GDPR one year on: where do we stand? 2019-06-28 05:00:24As we pass the GDPR one-year anniversary, how has the data landscape changed?

Best practices for preventing and recovering from a 2019-06-28 04:00:29How to defend and recover from ransomware attacks.

TechRadar: Internet news

Women's Ashes live stream: how to watch England 2019-07-18 04:49:052019's epic England vs Australia cricket battle continues - can England strike back? Get a 2019 Women's Ashes live stream from anywhere on Earth.

Stage 12 Tour de France live stream: how 2019-07-18 04:43:05After a day on the flat, Le Tour riders head back to the mountains. Don't miss Stage 12 with this 2019 Tour de France live stream info.

iPhone 11, iPhone 11 Max and iPhone XR 2019-07-18 04:37:22This is potentially our best look at Apple's new iPhones so far, as case test models appear in a hands on video.

The Open 2019 live stream: how to watch 2019-07-18 04:19:34The players are on the course for the 148th Open Championship. Watch the golf with a 2019 Open live stream from anywhere on Earth.

Best translation software of 2019 2019-07-18 03:32:35Expanding into new global markets? Time to take your websites and software with you.

Dell's Black Friday in July deals are back 2019-07-18 02:01:37More Mega Deals hit the internet for Dell's Black Friday in July event.

Best cheap smartphones in Australia for 2019 2019-07-18 01:33:28Looking for a new mobile but want value for money? These smartphones offer a lot of bang for your buck.

Samsung Galaxy Tab S6 leak offers more proof 2019-07-17 21:32:12Official renders have leaked for Samsung's upcoming pro-tablet showing dual cameras and divisive rear-mounted S Pen.

Firefox will soon alert users if their saved 2019-07-17 21:21:21Mozilla is working on updating Firefox's security to integrate Lockwise password management with its Monitor tool.

Instagram is now hiding like counts in Australia, 2019-07-17 20:25:44Instagram seems to be nudging users to appreciate posts based on merit, not on how popular they are.

Microsoft Surface Pro 7: what we want to 2019-07-17 17:56:21The Microsoft Surface Pro 6 is already a great device, but what could Microsoft do with the Surface Pro 7?

macOS Catalina: macOS 10.15 release date, news and 2019-07-17 17:39:56Apple has announced macOS Catalina, the name for its macOS 10.15 release later this year. Here's everything we know.

TechCrunch » Enterprise

Investor Jocelyn Goldfein to join us on AI 2019-07-18 13:00:37Artificial intelligence is quickly becoming a foundational technology for enterprise software development and startups have begun addressing a variety

InCountry raises $15M for its cloud-based private data 2019-07-18 12:36:08The rise of data breaches, along with an expanding raft of regulations (now numbering 80 different regional regimes, and growing) have thrust data pro

VComply raises $2.5 million seed round led by 2019-07-18 09:00:47Risk and compliance management platform VComply announced today that it has picked up a $2.5 million seed round led by Accel Partners for its internat

Intel announces deep, multi-year partnership with SAP 2019-07-18 08:29:38Intel announced a deep partnership with SAP today around using advanced Intel technology to optimize SAP software tools. Specifically, the company pla

Southeast Asian cloud communications platform Wavecell acquired by 2019-07-17 23:03:49Wavecell, a cloud-communications platform for companies in Southeast Asia, announced today that it has been acquired by 8×8 in a deal worth abou

AT&T signs $2 billion cloud deal with Microsoft 2019-07-17 12:24:13While AWS leads the cloud infrastructure market by a wide margin, Microsoft isn’t doing too badly, ensconced firmly in second place, the only ot

ClassPass introduces a corporate wellness program 2019-07-17 10:24:28ClassPass has set up yet another revenue stream, signing to a corporate wellness program partners like Facebook, Glossier, Google, Morgan Stanley, Und

Dust Identity secures $10M Series A to identify 2019-07-17 10:03:30The idea behind Dust Identity was originally born in an MIT lab where the founders developed the base technology for uniquely identifying objects usin

Stonly lets you create interactive step-by-step guides to 2019-07-17 07:01:28French startup Stonly wants to empower users so that they can solve their issues by themselves. Instead of relying on customer support agents, Stonly

AlphaSense, a search engine for analysis and business 2019-07-17 06:10:14Google and its flagship search portal opened the door to the possibilities of how to build a business empire on the back of organising and navigating

ContractPodAi scores $55M for its ‘AI-powered’ contract management 2019-07-17 04:00:36ContractPodAi, a London-based startup that has developed what it describes as AI-powered contract lifecycle management software, is disclosing $55 mil

Qualtrics’ Julie Larson-Green will talk experience management at 2019-07-16 12:00:57We’re less than two months out from our first TC Sessions: Enterprise event, which is happening in San Francisco on September 5, and did you kno

Digital Trends

Nordstrom Anniversary sale: Best deals on hair tools, 2019-07-19 19:42:29Nordstrom's massive Anniversary Sale is finally here. We've picked out a few of our favorite hair styling tools and beauty gadgets.

Forget Game of Thrones. The first trailer for 2019-07-19 19:04:26If you're going through epic fantasy withdrawal following the end of Game of Thrones, look no further than Netflix, which has dropped the first tease

Here are our predictions for the 2019 Emmy 2019-07-19 18:59:44With Game Thrones and The Marvelous Mrs. Maisel leading the pack, the 2019 Emmy Awards is gearing up to be a great event. We've made our predictions

The Keystone keyboard powers your typing or gaming 2019-07-19 18:50:52A new keyboard from Input Club, called Keystone, aims to improve consumer's typing response and accuracy by including an adaptive A.I. process in the

Amazon hacks nearly $300 off the price of 2019-07-19 18:45:23Amazon is selling a 13-inch Retina display MacBook Air at nearly $300 off of its original price. In addition to a Retina display, this MacBook Air fea

Digital Trends Live: Google Stadia update, 2020 Corvette, 2019-07-19 18:40:54On this episode of Digital Trends Live, hosts Greg Nibler and Drew Prindle discuss the biggest trending stories in tech, including the latest info on

Cringeworthy Cats trailer reminds us we’re not out 2019-07-19 18:04:33The first Cats trailer offers a disturbing reminder of how easy it still is for films that rely heavily on CG effects blended with human performances

Walmart discounts the price of Mongoose BMX Bikes 2019-07-19 17:34:22Walmart discounts the price of Mongoose Boys’ BMX bikes by up to 47% as part of The Big Save event. Don’t miss out on this offer and give

From Chromebooks to MacBooks, here are the best 2019-07-19 17:22:31Whether you need a new laptop for school or work, we have you covered. We've put together a list of the best laptop deals going right now, from disco

Taika Waititi stars in the first clip from 2019-07-19 17:14:19Rick and Morty is back. Just in time for San Diego Comic-Con, Adult Swim released our first look at the show's fourth season. The clip released Frida

Walmart cuts prices of GE window air conditioners 2019-07-19 17:00:29Whether you are in need of a new window air conditioner or looking to replace an old model, now is the time to buy. Walmart's “The Big Save&rdq

Walmart slashes $70 off the Acer Chromebook Spin 2019-07-19 16:59:23Need a laptop that you’ll just use primarily for web browsing? Buy a Chromebook. Chromebooks are cheaper alternatives to normal laptops, like th


Disclaimer and Notice:WorldProNews.com is not responsible of these news or any information published on this website.