Ex-Atlassians score an exit for their AI data security startup after just two years

Melbourne data security engineering platform Redactive AI has been acquired by pan-Pacific data management firm RecordPoint.

The startup, cofounded by ex-Atlassians Andrew Pankevicius and Alexander Valente, plus AI Engineer Lucas Sargent, exits after just two years in business.

The terms of the deal were not disclosed.

Their goal was to tackle the missing AI engineering and security skillsets in enterprise software engineering teams. Redactive AI built an enterprise-grade AI tool for managing data, landing superfunds HESTA and PEXA as clients.

In July 2024 they secured an $11.5 million Seed round co-led by Californian VC Felicis and local firm Blackbird, and supported by Atlassian Ventures and US automated workflows giant Zapier.

RecordPoint, cofounded in 2009 by Sydney-based Elon Aizenstros, a partner at Black Nova Capital, and Seattle-based CEO Anthony Woodward, has Westpac, NAB, Macquarie, and regulators such as APRA, ASIC, and the City of New York as clients on its books, offers safe and secure data for  records management.

Woodward said the acquisition bolsters RecordPoint’s AI capabilities to serve highly regulated industries, conscious about data security and AI adoption.

“Redactive’s solution will be instrumental as we look to bolster our capabilities with AI security and governance and continue to scale our operations,” he said.

“This is to ensure that, as the volume of data we handle for our clients exponentially grows, our capability grows with it. The speed and precision with which the Redactive platform was built made it an ideal candidate for our plans for future growth.

Woodward said that alongside growth potential in the US and Australia, they’re also focused on taking their products into new markets in Asia and Europe.”

Redactive’s Alex Valente said the deal is one of the first acquisitions of an AI-powered enterprise solution in Australia.

“It shows just how quickly AI is speeding up the pace of business,” he said.

“RecordPoint is the ideal partner to scale Redactive’s impact globally. Anthony and his team see the value of what we’ve built, and it’s exciting to see the Redactive platform continue to be deployed in production across RecordPoint’s financial services customers.