A tech startup which uses machine learning to stop people sending emails containing sensitive information to the wrong person has landed funding from top venture investors.
Accel and Robin and Saul Klein's LocalGlobe have led a $2.7m (£2.2m) series A investment in to CheckRecipient, with Winton Ventures, Amadeus Capital Partners and Crane also participating.
Wrongly addressed emails can not only be awkward, but risk security if it contains confidential or commercially sensitive information. The London startup uses machine learning to understand the patterns of how a person or wider business usually sends email and can then spot any anomalies, alerting the sender before the email hits the wrong inbox.
Here's a gif demonstrating it in action
The biggest cause of data breaches is human error, rather than malicious threats according to data from the Information Commissioners Office, and date sent to the wrong email was the biggest cause of online breaches.
And with the introduction of new data rules next year, GDPR, which brings with it potentially large fines for companies mishandling data, investors see the opportunity in helping businesses avoid such financial penalties.
“CheckRecipient is developing an extremely effective product that resolves one of the corporate world’s biggest problems," said Accel partner Luciana Lixandru.
"As the technology is developed, there are a number of additional possible applications which will turn CheckRecipient into a gold-standard email and data security product.”
LocalGlobe partner Ophelia Brown added: “For any company dealing with sensitive information, particularly in the professional services industries such as finance and the legal sector, CheckRecipient provides clear and immediate value."
The four-year-old startup already boasts FTSE 100 finance firms, hedge funds and magic circle law firms among its clients. The fresh cash will go toward doubling staff on both the business and engineering side to 24 people.
"There’s currently an obsession with the detection of malicious insider and external attackers, but the most common data security incidents reported to the ICO are all linked to human error," said CheckRecipient co-founder and chief executive Tim Sadler.
"CheckRecipient allows organisations to demonstrate diligence to both clients and regulators by managing the risk of misaddressed emails. It also helps firms to protect staff from mistakes, which could cost them their career, in highly regulated, reputation driven sectors such as law and finance.”