In a bid to solve the growing problem of data inventory management, Concentric AI, a San Mateo-based startup, has developed an innovative solution that leverages AI to catalog and secure critical business data. Founded by Karthik Krishnan, Shankar Subramaniam, and Madhu Shashanka, the company's platform uses machine learning to identify sensitive data, track its lineage, and provide recommendations for better security and compliance.

The need for such a solution is pressing, as more than 50% of companies rely on manual methods, such as Excel spreadsheets, to track data provenance. Concentric AI's platform, which has already attracted customers from industries like industrial manufacturing, insurance, and higher education, aims to automate this process and provide a more robust approach to data security.

The startup has just closed a $45 million Series B funding round, co-led by Top Tier Capital Partners and HarbourVest, which will be used to expand its partner program, product portfolio, and headcount. With the data protection market projected to reach over $500 billion by 2032, Concentric AI is well-positioned to capitalize on this growing demand.