Decentriq, the enterprise data security expert, has today announced a $3.8 million seed round led by btov Partners, with significant participation from Paladin Capital Group and existing investor Atlantic Labs.
As business models increasingly rely on big data, a major challenge for enterprises is to be able to access and analyse sensitive data at scale, in a secure environment, with data owners able to decide who uses their data and how. Currently, this is only possible through legal contracts or by minimising the value of the data through anonymisation and aggregation.
Decentriq’s cloud-based platform enables enterprises to assess sensitive data – which falls under GDPR or is strategically important – in a confidential and protected environment.
Organisations can also apply external machine learning models to their internal datasets. This enables organisations to manage, analyse and share their data within minutes, without needing to trust a third party, and in compliance with privacy requirements as the data is encrypted.
Maximilian Groth, Co-founder and CEO of Decentriq, said, “Decentriq’s fast deployment platform has compliance with privacy requirements built in. It saves hours of work for enterprises and decreases operating costs. Our customers can focus on creating value from their data.
“We’re excited to continue our growth with the backing of respected investors btov and Paladin. Their support allows us to expand internationally while growing our client base within and beyond the financial services and healthcare industries.”
“Data is the essential raw material of the 21st century, and sophisticated machine learning-driven analytics unlock tremendous value from these assets”, added Andreas Goeldi, partner at btov Partners.
“Decentriq’s solution enables unprecedented collaboration between corporations, sharing cutting-edge models and highly confidential data for the first time in a fully secure way.”
Ken Pentimonti, Principal and European Manager at Paladin Capital Group, commented, “Confidential Computing is an emerging approach that enables encrypted data to be processed while lowering the risk of exposure to related systems. This is a paradigm shift for data security in the cloud and offers the potential to remove the remaining barrier to adoption of cloud-based technology for highly regulated businesses.
“Decentriq is leading the way, and we’re pleased to be backing them.”