Redactive, a startup founded by former Atlassian product managers Andrew Pankevicius and Alexander Valente, alongside machine learning engineer Lucas Sargent, has secured $11.5 million in seed funding. This funding round was co-led by Sydney-based venture capital firm Blackbird Ventures and Felicis Ventures, an early investor in Canva. Additional contributions came from US-based automation software company Zapier and Atlassian’s venture capital arm.
The founders left their previous roles last September to fully dedicate themselves to building Redactive. The startup has gained traction in the financial services sector, with a superannuation fund and other financial institutions using its platform to implement generative AI without compromising stringent data security standards.
Redactive’s platform empowers software engineers to develop AI applications, such as ChatGPT-style chatbots, based on private internal data while ensuring compliance with data access, auditing, and AI governance requirements. This aligns with the broader corporate push to leverage generative AI for productivity enhancements.
“At Atlassian, Alex and I assisted customers in migrating their Atlassian tools from server to cloud, gaining firsthand experience with the complex data residency and information security requirements necessary for enterprise deployment,” said Mr. Pankevicius. “This background informed our approach at Redactive, recognizing that enterprise security standards will be equally rigorous for new AI applications.”
Rather than aiming to replace software engineers, Redactive focuses on addressing the intricate challenges engineers face in an AI-centric environment. This allows engineers to concentrate on building applications and products instead of navigating compliance issues.
While Mr. Pankevicius did not disclose the valuation achieved in this funding round, he noted that their emphasis on attracting enterprise-level customers resulted in a positive outcome.
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