TripleBlind, a private data sharing solution provider, has announced securing $24 million in a Series A round of funding. According to the company, the funding will be used to develop its technology and expand into a broader range of enterprise domains.
The round was co-headed by General Catalyst & Mayo Clinic, with participation from KCRise Fund, NextGen Venture Partners, Accenture Ventures, Dolby Family Ventures, Clocktower Technology Ventures, AVG Basecamp Fund, Flyover Capital, and Wavemaker Three-Sixty Health.
The TripleBlind platform, which was publicly launched in November 2020, is compatible to data residency and data privacy regulations in approximately 100 countries, GDPR, HIPAA, and California’s CCPA among them.
As per the company, there are around 43 zettabytes of data stored by enterprises that are not being used properly owing to the limitations levied by both these and other data protection regulations and wide-ranging uncertainty over sharing IP and other issues around sharing data.
It works in various formats, including PII, genomic data, images, PHI, and confidential financial records.
Mayo, one of the world’s pioneer institutions for medical research, being one of a strategic investors of TripleBlind’s, implies that TripleBlind is finding initial traction for its product.
Mayo is using TripleBlind’s technology around data encryption and assisting in developing algorithms based on data sets without requiring sharing raw data.
This solves a longstanding problem faced by two institutions collaborating (or even one institution working with multiple data sets). Generally, firms have to transfer algorithms and data based on that data to conduct research or train the system.
Furthermore, Mayo clinic also invested in an extension to TripleBlind’s $8.2 million seed round. However, the amount it invested for the same is not disclosed yet. Apart from this, Accenture and Okta are the two strong strategic investors of TripleBlind.