TripleBlind Secures $8.2M Seed Funding, Support for Data Privacy Approach
KANSAS CITY, MO., March 1, 2021 – TripleBlind, creator of a new rapid, efficient and cost-effective data privacy and API-driven virtual exchange solution, announced today it has closed $8.2 million in seed financing led by Dolby Family Ventures with strategic investment from Okta Ventures, NextGen Venture Partners, Operator Partners, Wavemaker Three-Sixty Health, AVG Basecamp Fund, Anorak Ventures, Quiet Capital, Clocktower Technology Ventures, Parity Responsible Technology Fund and Manresa Ventures. Existing investors from the first round, including Accenture Ventures, Flyover Capital and KCRise Fund exercised their pro-rata rights and participated in the round, as did several angel investors. The round was oversubscribed.
Closing a new round after completing a pre-seed round last November, combined with the breadth and profile of investors demonstrates the widespread support for TripleBlind’s new, novel data privacy and API-driven virtual exchange approach:
- All previous investors exercised their pro-rata rights,
- Wavemaker Three-Sixty Health and Operator Partners are experienced healthcare industry investors,
- Clocktower Technology Ventures and NextGen Venture Partners open the banking and financial services markets to TripleBlind.
“Okta is on a mission to securely enable any organization to use any technology. A key part of that is providing transparency into how data is being used. TripleBlind will enable our joint customers in regulated industries to leverage enterprise data that today goes largely untapped due to regulations such as CCPA and GDPR, and without compromising consumers’ privacy,” said Monty Gray, senior vice president, Corporate Development at Okta, Inc. “TripleBlind offers synergies with our existing data privacy investments and we are excited to further our relationship to provide added benefits to our customers.”
Collaboration around highly sensitive data can add tremendous value and groundbreaking innovation to address identity, fraud management, macroeconomic analysis, payments and customer success. However, most businesses are limited in their ability to access or share sensitive data due to privacy concerns and government regulations, such as HIPAA, GDPR and CCPA, as well as data residency requirements in regions such as Southeast Asia. TripleBlind’s patented, automatic de-identification and data privacy solution facilitates more efficient and scalable collaboration than alternatives like homomorphic encryption and secure enclaves.
“With a portfolio of healthcare and biotech companies, many of which face data exchange issues, Dolby Family Ventures is enthusiastic about TripleBlind’s approach that creates and enables a more fluid data sharing process,” said Andrew Krowne, Managing Director. “We appreciate companies that build on strong, novel technical solutions and are thrilled to support TripleBlind’s potential impact across healthcare, financial services and other industries where exchange of sensitive data needs to happen.”
How TripleBlind Works
TripleBlind encrypts but never decrypts data and algorithms, allowing only approved operations to be executed. Its API-driven virtual exchange ensures compliance for all collaborating parties as they never share raw data. On the other side, data scientists can perform all the operations they ordinarily would without the risk of working with raw data.
“The return of all previous investors, the breadth of new investors and the oversubscription of the round demonstrate to us that data privacy experts support our new, breakthrough approach for enforcing data privacy while enabling organizations to leverage and gain insights from data,” said Riddhiman Das, co-founder and CEO of TripleBlind. “Thanks to our forward-looking investors, TripleBlind can accelerate our mission to free trapped data so enterprises can collaborate while concurrently enforcing data privacy and regulatory standards.
TripleBlind’s patented breakthroughs in advanced mathematics arm organizations with the ability to share, leverage and monetize regulated data, such as PII and PHI, and mission-critical enterprise data, such as tax returns and banking transactions. It unlocks the estimated 105 petabytes of data stored by enterprises today that are inaccessible and unmonetized due to privacy concerns and regulations. With TripleBlind, decision-makers generate new revenue for their organizations by gaining deeper insights faster, creating improved modeling and analysis, and collaborating more effectively with customers and partners and even competitors, while enabling enterprises to enforce today’s regulatory standards, such as HIPAA, GDPR and PDPA.
For more information, please visit tripleblind.ai.