Tausight - Comprehensive Analysis Report

Summary

Tausight is a healthcare data security company founded in 2018 by David Ting. It utilizes AI to protect patient data and mitigate cybersecurity incidents. The company's mission is to ensure the confidentiality, integrity, and availability of patients' Protected Health Information (PHI). Tausight aims to provide real-time risk assessment related to PHI usage, thereby preventing potential threats. The company is headquartered in Boston, Massachusetts.

1. Strategic Focus & Objectives

Core Objectives

• Tausight focuses on safeguarding Protected Health Information (PHI) through the application of artificial intelligence.

• The company aims to offer real-time insights into risks associated with PHI, enabling proactive threat management and improved data governance.

• Tausight also seeks to reduce cybersecurity incidents in healthcare.

Specialization Areas

• Tausight specializes in AI-powered data security solutions tailored for the healthcare sector.

• Its expertise lies in identifying and classifying electronic protected health information (ePHI) to strengthen patient data protection measures.

• Tausight offers a platform specifically designed to address the decentralized nature of healthcare environments.

• The company’s AI model provides comprehensive visibility into the location, movement, and utilization of ePHI.

Target Markets

• Tausight's primary target market consists of healthcare CIOs and CISOs.

• Its platform is designed to fit the decentralized environment of healthcare, focusing on organizations that manage substantial amounts of patient data and need robust security solutions.

• The company aims to provide real-time understanding of risks associated with PHI usage, enabling the elimination of threats.

2. Financial Overview

Funding History

Tausight has secured a total of $26 million through two funding rounds.

• Total funds raised to date: $26 million

Detailed breakdown of recent funding rounds:

• Series A: $20 million (March 10, 2021)

• Series A: $6 million (August 15, 2023)

• The latest funding round was led by Polaris Partners, with contributions from Flare Capital Partners and .406 Ventures.

• The funds are allocated to expand market presence, drive customer growth, and further enhance the company's AI technology.

3. Product Pipeline

Key Products/Services

• PHI Security Intelligence Platform: This platform detects, discovers, and acts on unstructured patient data using AI.

• The platform inspects millions of files to identify shadow data risk.

4. Technology & Innovation

Technology Stack

• Tausight is developing an AI and cloud-based platform for healthcare data protection.

• It employs machine learning to enhance patient care, clinician satisfaction, regulatory compliance, and accelerate innovation.

Proprietary developments

• Patented AI algorithm for identifying ePHI across devices, data stores, and cloud assets.

• Tausight AI is utilized to classify sensitive data risk.

Significant scientific methods

• Tausight’s Gen3 AI model delivers accurate results with reduced false positives for both structured and unstructured content.

5. Leadership & Management

Executive Team

• David Ting: Founder, CTO & Board Director. Healthcare security pioneer.

• Frank Nydam: CEO. Healthcare visionary.

• Michael Bilancieri: VP, Product.

6. Competitive Analysis

Major Competitors

Tausight has 282 active competitors. Top competitors include:

• Seclore

• Immuta

• Bluefin Payment Systems

• TrueVault

• Verato

7. Market Analysis

Market Overview

• Tausight aims to expand its AI-based data security platform to more segments of the healthcare ecosystem.

• The company intends to address more healthcare data categories, targeting customer needs and new market segments.

8. Strategic Partnerships

• Tausight has integrated with Microsoft 365 to provide real-time classification of sensitive healthcare data.

• Tausight collaborates with CrowdStrike to deliver real-time risk intelligence and control for electronic protected health information (ePHI).

9. Operational Insights

• Tausight's AI-powered PHI Security Intelligence platform is designed to detect, discover, and act on unstructured patient data.

• The platform inspects millions of files to identify shadow data risk.

10. Future Outlook

Strategic Roadmap

• Tausight intends to expand its AI-based data security platform to additional segments within the healthcare ecosystem.

• The company plans to address a broader range of healthcare data categories, aligning with evolving customer needs and targeting new market segments.