Anon AI, winner of ‘Best in Cybersecurity’ at UKTN’s Elevator Pitch LIVE last year, has raised £340,000 in pre-Seed funding.
The startup raised from the UCL Technology Fund alongside the London Co-Invested Fund, AI Seed and Ascension Ventures.
Anon AI is working to develop software to automate data anonymisation and enable developers and data scientists to share it securely.
With the money, the startup will enhance its prototype model and build a developer tool with the UCL community.
Harry Keen, CEO of Anon AI, said: “We are excited to be working with UCL’s machine learning experts to create intelligent, commercially viable software, which we can begin rolling out to our waiting list of potential clients. This investment will enable us to create a tool that addresses one of the biggest challenges facing businesses today: avoiding the potentially catastrophic consequences of a data breach, while tapping into a vast source of opportunity.”
Anon AI is the fourth AI business the UCL Technology Fund, launched in January 2016 to support academics whose research has commercial potential, has invested in to date.
Verify owner raises funds in Open Offer
David Grimm, investment manager, UCL Technology Fund, commented: “Organisations are drowning in data and will face extensive compliance requirements once GDPR comes into effect next year.
“Anon AI addresses the dual challenge of maintaining the security of mass personal data and preserving innovation. Its experienced team and cutting edge AI software give it an excellent opportunity to take an industry leading position in a market which stands at £30m+ in the financial services industry alone.”
Check out our UK tech investment tracker for the latest industry deals.