MinerEye Awarded Prestigious $2.5 Million EU Grant for its AI-Powered Data Classification and Security Solution for Secure and Compliant Cloud Adoption
December 2018 by Marc Jacob
MinerEye, an innovator in AI-powered data governance, has been awarded a highly competitive SME Instrument Grant from the European Commission worth 2.2 million EUR ($2.5 million).
The Grant organization selected MinerEye’s Data Tracker™ to provide EU companies with innovative and effective solutions to ensure secure and compliant cloud adoption which is currently lacking in the market today.
According to the Grant organization, “The solution is highly disruptive as it tackles an emerging need in a very innovative way. The timing is perfect, as the new European regulation is in favor of such solutions.”
SME Instrument is part Horizon 2020, the EU Research and Innovation arm that identifies, rigorously evaluates and selects solutions that foster innovation and economic growth in the EU. Only 6.8 percent of companies that apply have received the Grant since its inception.
“This grant is a significant validation of the effectiveness of MinerEye’s proprietary solution and our vision of leveraging powerful AI technology for automated data compliance and security,” says Yaniv Avidan, Chief Executive Officer of MinerEye. “The EU recognizes the unique capabilities of MinerEye’s DataTracker to ensure complete data visibility – including dark and unstructured data – and its importance to secure and compliant cloud adoption.”
Companies have been unable to protect data and meet GDPR regulations when moving to the cloud because it requires the ability to identify and understand how data behaves. Older solutions and technology constraints compel chief data protection officers (CDPO) and chief information security officers (CISO) to allocate significant budgets, resources and time to define and identify sensitive data – an untenable task in most cases. As a result, consumer data and highly sensitive corporate data are not being protected.
MinerEye has developed a proprietary technology based on computer vision and machine learning that automatically categorizes, classifies and tracks very large amounts of data in an extremely fast and precise fashion. Working at the byte level, MinerEye’s DataTracker can identify and tag all types of enterprise data, from PII to contracts, patents, designs photos and video.
“The axiom that you cannot protect what you cannot see has become even more significant in today’s era of the cloud and the advent of hybrid cloud environments,” Avidan says. “Companies need to manage and secure increasingly complex data environments. With MinerEye, this task can become a regular part of ongoing data security activities, bringing true sensitive data protection and adherence to privacy regulations.”