On a mission to empower every organisation to have secure and compliant data collaboration, Decentriq has just secured about €13.5 million of Series A funding. The round was led by Eclipse Ventures, with participation from existing investors Atlantic Labs, btov Partners, and Paladin Capital Group.
The Swiss startup has developed data clean rooms that are powered by encryption in-use technology called confidential computing. It means that no one by the data owner can access the raw data uploaded onto the platform – not other participants, Decentriq, nor the child providers. The result is that the data owner retains full control of their data – preserving data privacy and adhering to the strictest regulatory standards such as GDPR.
Founded in 2020, the SaaS platform is bringing a new standard of trust and privacy to data, in what is an increasingly data-driven world. The clean rooms also allow users to leverage data that until now hadn’t been possible. Users can then easily and securely collaborate with both internal and external stakeholders to service new data value.
Maximilian Groth, CEO of Decentriq commented: “We’re proud of the Decentriq platform that our incredible team has been building for the past year. Our data clean rooms enable companies to collaborate on the most restricted and sensitive data in a secure and GDPR compliant manner to unlock new value and deeper insights.”
Since 2021, the Zurich-based company has been supporting pharmaceutical companies to access hospital data in Switzerland and Belgium in a secure and GDPR compliant manner, while 20 of the largest pharmaceutical companies in the world have been collaborating in a Decentriq data clean room to perform benchmarking on themselves.
Decentriq is also enabling advertisers and publishers to combine their first-party data to build and activate precise audiences in a cookie-less world. Further, Decentriq’s data clean rooms have been enabling banks to update their mailing list with up-to-date addresses found in the postal companies’ database.
Groth added: Our data clean rooms enable companies to collaborate on the most restricted and sensitive data in a secure and GDPR compliant manner to unlock new value and deeper insights. Our data clean rooms enable companies to collaborate on the most restricted and sensitive data in a secure and GDPR compliant manner to unlock new value and deeper insights.”
The fresh investment will be used to further accelerate the development and commercialization of its data clean rooms based on AI, state-of-the-art encryption and privacy-enhancing technologies (PET).
The funding will also be used to expand the types of analytical tools available on the platform, such as Python, R and machine learning, as well as PET features like synthetic data and differential privacy, capture growing demand for secure data collaboration in new and existing markets, and grow its team across key markets in Europe, the Middle East, Asia and the US.
Kushagra Vaid, Partner at Eclipse Ventures, said: “By leveraging Confidential Computing technology, Decentriq is building a world-class product for cloud-native ‘Data Clean Rooms’ and in doing so, unlocking a whole new dimension of data collaboration between Enterprises — without sacrificing privacy and regulatory requirements.”
via https://www.AiUpNow.com
March 22, 2022 at 04:45AM by contact@bcurdy.com, Khareem Sudlow
