DocAuthority, the data governance platform built for both technical teams and business users, today announced that it has raised a $3.25 million Series A-1 funding round led by AXA Venture Partners. Returning investors ff Venture Capital and 2B Angels, along with UpVentures Capital, also invested. Manish Agarwal, General Partner-New York at AXA Venture Partners, will join the Board of Directors. The funds will be used to support the company’s growth within existing markets and expansion into new ones.
DocAuthority’s software is central to an enterprise’s data governance program, providing its customers with the industry’s most advanced way to manage their unstructured data and a clear line of sight to their regulated or commercially-sensitive files. Knowing where a company’s files are and who has access to them is the first step in reducing risk and increasing security. “You cannot protect what you cannot find,” says Chief Revenue Officer Colin Woodland. “Especially because of today’s distributed workforces, our customers use our software to identify vulnerabilities to malicious actors. No one else can work with unstructured data as effectively and efficiently as can DocAuthority, and our customers find great value in the software. We also find that most of them are able to reduce their data storage costs by identifying and eliminating duplicate and obsolete files. We think of ourselves as a profit center for our customers.”
An ever-expanding panoply of privacy laws, including GDPR (Europe), CCPA (California), POPI-A (South Africa-which includes criminal penalties for management in certain cases) and LGPD (Brazil) are focusing companies’ attention on compliance to satisfy their customers’ demands around data security and to avoid fines and possible criminal penalties. “We are proud to be our customers’ first line of defense in their overall strategy to live up to customer and legal demands,” says Steve Abbott, DocAuthority’s CEO. “We truly look to form a partnership with our customers so we can better understand their goals.”
Abbott continued, “that is why we are proud to have AXA Venture Partners as an investor in that vision. They understand the commercial needs created by today’s regulatory environment and their guidance will allow us to leapfrog our competitors as we address real world business demands.”
According to Agarwal, “we are thrilled to be joining the DocAuthority team. Their product is not a ‘nice- to-have,’ it is a ‘need-to-have,’ and their rapid growth and marquis customers attest to the high quality services the company offers. With DocAuthority’s focus on protecting its customers from attack, complying with government mandates and saving data storage costs, we are glad to work with Steve and his team to help grow the organization.”
DocAuthority was founded in 2015 and is headquartered in Ra’anana, Israel, with offices in London and Atlanta, Georgia. Focusing on the GRC space, DocAuthority uses proven and performance-optimized algorithms to automatically create categories of information from unstructured data within an enterprise’s files. This approach saves time, effort and money when managing their data. Whether it is managing retention periods, controlling access to personal data, the classification of sensitive data or another information governance task, DocAuthority ensures an economical and efficient process.
About AXA Venture Partners
AXA Venture Partners (AVP) is a global venture capital firm investing in high-growth, technology enabled companies. AVP has built, in less than five years, a unique investment platform specialized in tech investments with $800 million of assets under management through three pillars of investment expertise: early stage, growth stage, and fund of funds. To date, AVP has invested in more than 45 companies and more than 20 funds. The AVP team operates globally with offices in San Francisco, New York, London, Paris, and Hong Kong. Beyond investments, AVP provides unique access to business development opportunities helping portfolio companies to scale globally and accelerate their growth. More details here: www.axavp.com
About ff Venture Capital
ff Venture Capital (ffVC) is a seed and early-stage venture capital firm based in New York City. Founded in 2008, the firm invests, often as the lead investor, in growing technology and technology-enabled companies with the potential to become high-value, market-moving businesses across emerging industries, including artificial intelligence, robotics, cybersecurity, drones, enterprise software, and FinTech. More details here: www.ffvc.com
About 2B Angels
2B Angels is a leading Israel-based venture capital fund, focused on growing early-stage ventures with deep technology into category-leading companies. Founded in 2009, 2B Angels’ approach is centered around teaming up with exceptional entrepreneurs, supporting them and leveraging the team’s industry experience. Over the last decade, 2B Angels has been one of Israel’s most active venture capital funds with over 60 investments in a variety of sectors, including Cyber-Security, FinTech (specific use cases), AI & ML, Automotive/Mobility, HR Tech & Education Technology, among others. The firm in based in Tel Aviv. More details here: www.2b-angels.com.