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A few years in the past, FirstMark led the Collection A of Textual content IQ, a formidable AI startup centered on the administration of unstructured knowledge within the enterprise for authorized, privateness and compliance functions. The corporate was co-founded by Apoorv Agarwal (CEO, left) and Omar Haroun (COO, proper), and had managed to develop each quick and profitably after elevating a seed from our pals at Floodgate.
At its core, Textual content IQ leverages unsupervised studying to establish delicate info (privileged paperwork, PII, PHI, and so forth.) in massive quantities of unstructured knowledge – a problem that AI is uniquely geared up to unravel.
After its Collection A, Textual content IQ continued to make robust progress, constructing an incredible staff, evolving the product into an enterprise-grade platform and securing a formidable checklist of Fortune 1000 prospects.
Not surprisingly, this attracted the eye not simply from potential Collection B buyers, but additionally acquirers.
As we speak, Textual content IQ is saying its acquisition by Relativity, a frontrunner within the discovery and compliance market, which simply introduced a big financing led by Silver Lake.
This acquisition is a really good transfer by Relativity, which had been trying to speed up its AI capabilities. AI is is each very disruptive and extremely wanted within the discovery market, which up to now has largely been working by way of painstaking handbook overview and key phrase looking out. With Textual content IQ, Relativity will get an AI platform that has been offering very spectacular outcomes to prospects (see this buyer testimonial from BASF for instance), an incredible staff and a fast-growing enterprise.
The mix additionally makes plenty of sense for Textual content IQ, which can entry Relativity’s distribution capabilities and its massive buyer footprint of greater than 300,000 annual customers in 49 nations managing greater than 145 billion recordsdata.
We’re excited for the Textual content IQ staff and thank them for producing a significant return for his or her buyers in a brief time period.
It’s been an actual pleasure working with Apoorv and Omar and the entire Textual content IQ staff (together with the senior leaders, in no explicit order: Jasneet Sabharwal, Chief Innovation Officer; Karan Kunjur, VP Income; Ian Holmes, VP Finance; Greg Kowalski, VP Engineering; Carl Landers, VP Advertising; Ashley Sullivan, VP Buyer Options; Samee Lieber-Dembo, VP Buyer Success) and the board (Tim Guleri from Sierra Ventures, Nick Washburn and Josiane Ishimwe from Intel Capital; Randy Milch; Owen Rambow, in addition to my FirstMark colleague Lisa Xu).
Congratulations, Textual content IQ!
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