“Legal and compliance disasters cost the economy billions of dollars,” says Apoorv Agarwal, CEO and Co-Founder of Text IQ.
He went on to explain that Google, Facebook, and Aetna alone had to deal with fines as high as ten billion dollars cumulatively. Text IQ uses machine learning to parse sensitive corporate data for privacy, legal and compliance reasons.
It is very hard for a human to look at a document pulled out of context and determine whether or not it is sensitive.Apoorv Agarwal, CEO and Co-Founder of Text IQ
The company combines natural language processing and social network analysis to extract the structure from unstructured data, mapping language and people into a Social Linguistic Hypergraph.
They then run unsupervised machine learning on top of the Hypergraph to turn language and people into context and meaning.
Finally, they surface the sensitive information that humans and search terms miss, uncovering latent risk before it creates a billion dollar disaster.
Text IQ operates on a tiered subscription model and offers the product for a fraction of the value they provide in savings when clients switch over from a manual search.
The company defines the future of work – utilizing AI and ML to partner with humans for more productive outcomes. In this case – they can solve problems humans might not ever be able to, due to the sheer number of documents which would need crunching and the various correlations which need to be taken into account.
It is this merging of man and machine that increases employee value and economic growth.
Most importantly, Text IQ operates on an arbitrage model – companies can justify spending on the platform as they feel they will reduce legal costs and compliance fines. This explains the $12.6 million in Series A funding led by FirstMark Capital, with participation from Sierra Ventures.
Where do organizations go to learn more? The world’s only Future of Work Expo (collocated with the ITEXPO #TechSuperShow) of course. Feb 12-14, 2020 in Fort Lauderdale, Florida.