Perfecting privacy: Private AI secures $8M USD in funding to expand their "Privacy Layer for Software"
TORONTO, Nov. 17, 2022 /CNW/ - Over 53 million people were affected by data compromises in the first half of 2022 in the US alone. Personal data isn't safe, even inside an encrypted vault.
Private AI's solution gets to the root of the problem by identifying, removing, and replacing personal data with an unparalleled level of accuracy. With $8 million secured in Series A funding, they have begun expanding their operations across Europe and investing in product enhancements, such as the forthcoming self-service platform.
Private AI uses state-of-the-art AI to detect, redact and replace over 50 types of Personally Identifiable Information (PII) in over 47 languages. "We have built a privacy layer for software that can easily integrate into any environment with just three lines of code," says Patricia Thaine, Co-Founder and CEO of Private AI. "We are expanding it for all types of data across all use cases."
Uniquely, Private AI's solution is deployed within the customers' own environment, meaning their data never has to be transferred to a third-party data processor. The product covers data protection regulations such as GDPR, CPRA, and HIPAA.
Compromised personal data leads to not only hefty fines but also substantial reputational damage. Instagram was recently fined almost $400 million for violating GDPR regulations. Meta faced the biggest wipeout in stock market history, given their continuous breaches of user privacy and trust and the blow to their bottom line dealt by Apple's new privacy features.
"While it's important to a company to be able to leverage the value of their data, the protection of personal data is a core component of complying with most data protection regulations," says Thaine. "That's why we enable replacing the original personal data with contextually correct synthetic data, allowing safe, compliant data analytics and modelling."
Private AI's privacy layer also plays a significant role in cybersecurity. "With our solution, even when a data breach happens, all unnecessary personal data is identified and removed. That way, it is no longer there for bad actors to discover," says Pieter Luitjens, Co-Founder and CTO of Private AI.
BDC Capital led this latest round of funding, with participation from new investors GIT1K, and Panda Angel Partners. It also counted on continued support from existing investors Microsoft's Venture Fund (M12), Differential Ventures, Forum Ventures, Shasta Ventures, and Parliament Angels made up of a group of early Twilio employees.
"Private AI exists in a data-driven world where information is the most valuable currency," says Michelle Scarborough, Managing Partner, Thrive Venture Fund at BDC Capital. "We are excited to support Private AI's mission to empower businesses to harness the full value of their data - creating the highly personalized experiences customers expect - while respecting their privacy."
This is the third round of funding for Private AI. Their seed round in September 2021 secured $3.15 Million for product expansion, improvements, and finding product-market fit. With this Series A funding, the company will develop a new self-service platform and enable the detection of Personally Identifiable Information "PII" within documents (like pdf and docx) along with generating risk profiles. Private AI's revenue grew 80% quarter over quarter in the last 18 months.
The company announced its launch in France at the Big Data & AI Paris exhibition in late September. With this Series A funding, Private AI will further expand its activities in Europe and across new industry sectors.
"The last few years have proven the value of data for research and development in healthcare," says Priyanka Mitra, Partner at M12. "We are delighted to be returning to the table as investors and are wholly confident in the team's ability to continue to scale the industry-leading developer tools for data privacy."
"Private AI has already proven that using valuable data while still maintaining privacy is possible. This funding will have a major impact on widening our reach," Thaine added.
About Private AI
Founded by privacy and machine learning experts from the University of Toronto, Private AI's mission is to create a privacy layer for software and enhance compliance with current regulations such as the GDPR. Processing data through artificial intelligence helps to combine cybersecurity and privacy for a safer internet. Find out more at: https://www.private-ai.com/
About BDC Capital
BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country's most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.
SOURCE Private AI
Media Liaison, Patricia Graciano, Mind Meld PR, [email protected], (236) 979.5510
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