A Series B financing round has generated $40 million in new funding for startup Nightfall AI, which has launched a platform providing cloud data loss prevention technology for organizations, according to TechCrunch
CEO and founder Isaac Madan said a 2016 incident at Uber in which a hacker was able to extract personal rider and drive data due to poor data security
hygiene was the impetus for their creation of the platform.
Attackers will eventually find ways into private applications, so it's crucial to ensure strong data security hygiene to minimize risk once a bad actor gets in. Digital transformation and the shift to a hybrid workplace has eroded the traditional corporate perimeter as it's no longer guaranteed that employees are on managed devices and networks, Madan says.
The company's platform also features a data policy permitting Nightfall to continually improve its algorithms using customer data, which might raise questions about privacy and surveillance, but the company suggests this can be used as an anti-workplace toxicity tool. It adds that companies are given the choice to decline sharing their data with the company and the option to delete their data later for those who allowed it.