Velotix, a Tel Aviv, Israel-based data security platform that governs, logs, and controls compliant access to data throughout the data access lifecycle, announced that it raised $10 million in seed funding round led by Capri Ventures.
Velotix plans to use the funding to continue product development, scale the organization and expand its offering globally 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 focusing 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.
"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 Dr. Adi Hod, co-founder and CEO of Velotix.
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.
Company: Velotix Ltd.
Round: Seed Round
Funding Month: October 2022
Lead Investors: Capri Ventures
Company Website: https://www.velotix.ai/
Software Category: AI-based data security platform
About the Company: Founded in 2020 by Dr. Adi Hod, Adam Ben-Gur, and Uriel Ekstein, Velotix is an AI-based data security platform that automatically grants the right access, to the correct data, for the right people, at the right time. Velotix introduces 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 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, updates, and maintains organizational data protection policies based on exceptions, regulations, and user behavior. Organizations can maximize data usage while eliminating security risks.