NEW YORK--(BUSINESS WIRE)--Text IQ, the leading company applying artificial intelligence (AI) to identify sensitive data, today announced strong year-over-year product adoption, revenue growth and customer retention driven by accelerating digital transformation in the enterprise. Four key trends are propelling this growth, including the exploding volume of enterprise data, with nearly 80% being unstructured, the unstoppable migration to public cloud infrastructure, the exponential increase in data breach events, and the growing complexity of compliance with data privacy regulations around the world.
Last year, the company more than doubled its recurring revenue and delivered significant value that resulted in 100% renewal from existing customers. It made a number of key leadership hires and added exceptional talent in all departments. It successfully launched its data breach response solution and significantly enhanced products already in the market. It transformed its annual in-person conference, The Inevitable, into a virtual event series that features Fortune 500 executives, industry thought leaders and top AI researchers, resulting in a 100x increase in audience.
“Accomplishing this record growth during a global pandemic is a testament to the strength of our team, the success of our products and, most importantly, to the substantial challenge of managing the exploding volume of unstructured data in complex enterprises,” said Apoorv Agarwal, Text IQ co-founder and CEO. “Our customers recognize that only Text IQ’s unstructured data platform can identify 99% of personal and other sensitive information without the need for human review, a huge increase in efficiency and accuracy in a time when every organization is on the hook to meet strict data privacy requirements.”
While data growth was already substantial, the amount of unstructured data in electronic documents, email and messaging apps has exploded in the last year due in part to remote work. Information that could once be exchanged face to face is now captured in systems that weren’t optimized for identifying and protecting sensitive information.
Text IQ’s AI platform, powered by the company’s proprietary socio-linguistic hypergraph, finds sensitive information, categorizes it and makes actionable the needles that were previously hidden in the haystack. Companies deploy Text IQ to reduce risk, increase efficiency and speed time-to-insight in the areas of privacy, compliance and legal review.
Text IQ’s major accomplishments in the past year include:
- Doubled recurring revenue with new enterprise customers in life sciences, technology, manufacturing, energy and the public sector.
- Renewed 100% of customer contracts, demonstrating the true value of AI-powered automation that not only frees humans for more value-added work but also delivers higher accuracy.
- Landed notable Global 2000 and public sector customers, including 50% of the top life sciences companies and 40% of top banks. A major U.S. federal agency became a customer to build a Text IQ lab for analyzing sensitive data.
- Launched a new solution for automating responses to data breaches by quickly and accurately detecting, normalizing and deduping personal information in breached data, allowing organizations to respond faster and with less effort when the inevitable occurs.
- Was named a Top 100 AI company by Analytics Insight and was recognized as an “AI company that is leading the technology drive towards a better tomorrow.”
- Expanded partnerships with technology companies (Microsoft, Google), integration partners (Nuix), service providers (ProSearch), and top law firms (Seyfarth Shaw, Sheppard Mullin).
The company also strengthened its leadership ranks with executive appointments including:
- Jasneet Sabharwal, Chief Innovation Officer, has significant experience in building AI-powered solutions at early-stage, pre-revenue and post-revenue startups like Maluuba (recently acquired by Microsoft Research) and Germin8.
- Greg Kowalski, VP of Engineering, is a seasoned technical leader with over 17 years of industry experience in SaaS, including as VP of Engineering at Alida (formerly Vision Critical) where he developed deep product expertise and led a cross-functional team of 60+ engineers.
- Carl Landers, VP of Marketing, is a Silicon Valley native and experienced B2B SaaS marketer from CA Technologies, Conversica and Serena Software, where he brought new products to market, created demand with compelling storytelling and drove sales success.
- Ashley Sullivan, VP of Customer Solutions, has over 12 years of experience in client-centric operations, customer success and professional services. Prior to joining Text IQ, Ashley was Senior Director of Client Services Operations at KLDiscovery, where she helped scale a global project management team of over 100 employees by driving service delivery standards and communication best practices.
Referring to the new executives and talented employees who joined Text IQ in the last year, co-founder and COO Omar Haroun remarked, “We are fortunate to have maintained our amazing level of talent in the company as we doubled in size. Every addition to the Text IQ team brings exceptional levels of excellence, dedication and customer-centricity, reinforcing our core values and allowing us to capitalize on a rapidly growing marketing opportunity and continually changing customer needs.”
“Text IQ’s growth speaks to the exponential growth of data in complex enterprises and the corresponding difficulty of staying in control of sensitive information for legal, privacy and compliance purposes,” said Matt Turck, partner at FirstMark and Text IQ board member. “Text IQ powerfully solves this problem with breakthrough technology that is creating an entirely new category of AI for sensitive data.”
To learn more about Text IQ and stay updated on company news:
- Visit the Text IQ website at textiq.com
- Read updates on the Text IQ blog at textiq.com/blog
- Follow Text IQ on Twitter and LinkedIn
About Text IQ
Text IQ is a B2B technology company with a reimagined approach to using AI to manage and mitigate risks in enterprise data. Our Unstructured Data Platform helps Global 2000 and government organizations identify sensitive information, reveal hidden insights, and unlock the freedom to grow.
The Text IQ Brain, powered by our Socio-Linguistic Hypergraph, uncovers 99% of sensitive information at a 75% reduction in cost and time, and is used at the world’s leading financial services, insurance, pharmaceutical and government organizations, including AstraZeneca, Novartis, Cardinal Health, Carnival, Honeywell, and the U.S. Department of Justice.
Since its founding in 2014, Text IQ has achieved record revenue growth. Backed by FirstMark and Sierra Ventures, the company employs nearly 100 in New York, San Francisco, Vancouver and Cork, Ireland, and was recently recognized in the AI Top 100.