Velotix Announces Launch from Stealth with $10M Seed Round

News provided by

Oct 20, 2022, 08:30 ET

"By 2025, 30% of enterprises will have adopted bDSP (Broad Data Security Platform), up from less than 10% in 2021, due to the pent up demand for higher levels of data security and the rapid increase in product capabilities," according to Gartner®.*
Velotix uses patented Symbolic AI and machine learning methods to build the DPP (Data Protection Policy) and apply purpose based enforcement to ensure data compliance and security for organizational data
Velotix announces seed round and as stated in Gartner research, "by 2025, 30% of Gartner clients will protect their data using a 'need to share' approach, rather than the traditional 'need to know' approach."*

TEL AVIV, Israel, Oct. 20, 2022 /PRNewswire/ -- Velotix, the data security platform that governs, logs, and controls compliant access to data throughout the data access lifecycle, announced today that it has raised $10M in a seed round led by Capri Ventures. Velotix plans to use the funding to continue product development, scale the organization and expand its offering globally in order to further its mission of maximizing business value by removing unnecessary silos and making data attainable, while minimizing security risks. Velotix is coming out of stealth after quietly building the symbolic AI platform, gaining global enterprises with a focus on the financial, insurance and healthcare markets as initial customers, and partnering with global cloud providers including Google, Amazon and Microsoft Azure and leading BI tools. With the release from stealth, Velotix is seeing a great interest in the platform from new potential customers.

"Unlocking the power of your company's data to better serve your clients is a challenge every Enterprise IT team faces. Providing the right people with the right access to the right data at the right time is the goal. However, this must be done in a way that both provides that secure access and does so guided by the data access policies and controls that your company operates under – and those policies can change rapidly based on the jurisdictions where you operate. Automated policy management and implementation is the path to achieve this, and that is where Velotix delivers. Adi and the team bring the depth of expertise in this space that positions Velotix to be your data access and governance partner with a solution that tackles this challenge." shared David Reilly, Velotix's Advisory Board Member, who is the former CIO at both Bank of America and Morgan Stanley and prior to that was a Managing Director at Credit Suisse, Goldman Sachs, and Merrill Lynch.

Data security platforms represent one of the fastest growing areas in the market for data driven organizations. According to Gartner, "by 2025, 30% of enterprises will have adopted bDSP, up from less than 10% in 2021, due to the pent up demand for higher levels of data security and the rapid increase in product capabilities."* This clearly signifies that enterprises today understand the significance of leveraging their data for business insights, analytics and marketing, while also recognizing the heavy risk and responsibility of data breaches, necessary regulations and reputation management. Additionally, policies must be managed and kept up to date with both industry regulations such as GDPR and HIPAA as well as geographic and organization specific regulations.

Velotix enables companies that struggle to be privacy-driven and data-driven to streamline secure access to data by intelligently and automatically managing their policies. Powered by an AI-driven policy engine, the Velotix platform continuously creates and updates and maintains organizational data protection policies based on exceptions, regulations, and user behavior. Organizations can maximize data usage while eliminating security risks.

"We created a unique platform that enables enterprises not only to streamline access to data, but also to place themselves in their respective fields as industry leaders as a result of the predictions, analytics, and insights they are able to gain from a data democratization approach." said CEO and Co-Founder Dr. Adi Hod.

"Upon meeting Velotix and their talented leadership team, it was very clear to us that they are building the best platform in the market for secure and timely data access so that teams can access one platform to discover, secure and access data. Some of the leading financial services institutions in the world are already partnering with Velotix and the opportunity ahead is tremendous," shared Alex Pinchev, Capri Ventures Founder.

About Velotix:
In a world of constantly evolving privacy policies, regulations and rules to apply and track, the risk of violation and fines is paralyzing business agility. Velotix introduces a unique AI-driven data protection and access permissions platform that removes risk, automates policy management at scale, and provides access to data. Securely orchestrate the right access, to the right people, at the right time, for the right use. Velotix was founded in 2020 by Dr. Adi Hod, Adam Ben-Gur, and Uriel Ekstein.
LinkedIn

About Capri Ventures:
Capri Ventures is an early stage venture capital firm focused on Enterprise Technology. The firm invests globally with particular focus on Israel and select pockets in the United States where the team has deep relationships. The team is composed of former software executives and leaders from Fortune 500 enterprises, bringing significant resources early in a company's lifecycle to help drive commercialization and market adoption.

*Gartner, 2023 Strategic Roadmap for Data Security Platform Adoption, September 2022.
GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.

Contact:
Hilee Avrahami
CMO
[email protected]
+972.54.336.2883

SOURCE Velotix