“A couple of years ago, FirstMark led the Series A of Text IQ, an impressive AI startup focused on the management of unstructured data in the enterprise for legal, privacy and compliance purposes. The company was co-founded by Apoorv Agarwal (CEO, left) and Omar Haroun (COO, right), and had managed to grow both fast and profitably after raising a seed from our friends at Floodgate.

At its core, Text IQ leverages unsupervised learning to identify sensitive information (privileged documents, PII, PHI, etc.) in large amounts of unstructured data – a challenge that AI is uniquely equipped to solve.

After its Series A, Text IQ continued to make strong progress, building a great team, evolving the product into an enterprise-grade platform and securing an impressive list of Fortune 1000 customers.

Not surprisingly, this attracted the attention not just from potential Series B investors, but also acquirers.

Today, Text IQ is announcing its acquisition by Relativity, a leader in the discovery and compliance market, which just announced a large financing led by Silver Lake.”

 

Read Partner Matt Turck’s full thoughts on the deal here.