TripleBlind Announces $8.2 Million in Seed Funding Press Release

TripleBlind Secures $8.2 Million in Seed Funding, Investor Group Reflects Strong Support for Breakthrough Data Privacy Approach

All Prior Investors Exercise Pro-rata Rights, Highlights Fintech and Healthcare Industries’ Need for Private Data Sharing and Collaboration

TripleBlind Improves AML Initiatives, Accelerates Creation of Accurate Diagnoses, Generates New Revenue Opportunities

Dolby Family Ventures’ Andrew Krowne Joins TripleBlind Board

KANSAS CITY, MO., March 1, 2021TripleBlind, 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. 

Relevant News

Contact us today by emailing contact@tripleblind.ai or visiting https://tripleblind.ai/contact/ to learn how TripleBlind’s efficient and cost-effective data privacy and API-driven virtual exchange solution can help your business. 

 

About TripleBlind

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.

 

Contact

Victoria Guimarin
UPRAISE Marketing + Public Relations for TripleBlind
tripleblind@upraisepr.com
415.397.7600

 

TripleBlind Announces $8.2 Million in Seed Funding

This week we announced the closing of $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.

This seed round 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:

Okta

“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.”

Accenture

“Accenture Ventures invested in TripleBlind again based on the positive momentum TripleBlind has experienced and the widespread interest among fintech, healthcare and other enterprises that face data privacy challenges,” said Tom Lounibos, Managing Director of Accenture Ventures. “TripleBlind’s new round of funding so soon after its initial round in November reinforces the demand for TripleBlind data privacy solutions.”

Operator Partners

“Our team understands the challenges U.S. companies face when attempting to collaborate through sharing data in regulated industries such as financial services and healthcare,” said Nat Turner, General Partner at Operator Partners. “We are excited by TripleBlind’s ability to facilitate collaboration and enforce privacy standards within jurisdictions and in hybrid data regulation scenarios.”

Dolby Family Ventures

“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.”

NextGen Venture Partners

“We have recognized the challenges with previous data privacy solutions for a long time and have been seeking out a solution with a new approach in which to invest,” said Ben Bayat, Managing Director of NextGen Venture Partners. “As a former data scientist, I appreciate the significance and uniqueness of the TripleBlind approach that puts  privacy enforcement an easy API call away, without restricting data scientists’ capability to build the right model and utilize the data to its fullest extent.”

Our announcements don’t stop here, we have more in the pipeline so be sure to keep tabs either on our website, Twitter or LinkedIn. If you’d like to learn how TripleBlind’s efficient and cost effective data privacy and clean room solution can help your business, contact us today by emailing info@tripleblind.ai or visiting https://tripleblind.ai/contact/.

Privacy Enables the Adoption of Open Banking

In this blog, we provide a more detailed exposé on the problems facing data-rich banks that are unable to leverage third party data due to regulatory and privacy concerns. It also includes more details about how TripleBlind’s solution works and unlocks new opportunities for banks and financial institutions.

The Current Problem

As countries advance towards Open Banking, or Consumer-Directed Finance, the data economy is simultaneously becoming increasingly regulated, making data privacy compliance a moving target. Strict laws and steep penalties for infractions create headaches for all parties involved in data transactions, while presenting a major hurdle in the transition to Open Banking.

Open Banking is about allowing the consumer to control where their data goes and how it is used by third party financial services (TPPs) providers to develop new products and services, opening up transparency of financial product options and encouraging collaboration between banks and financial technology firms. 

Developing the application programming interfaces (APIs) to make bank data available to consumers, financial institutions, and third-party service providers all in one place while controlled by the consumer, is just one piece of the puzzle. For Open Banking to work, data transactions must be completely private and authorized on a per-use basis.

Banks and financial institutions are hesitant to provide data even to their own partners because the risk of abuse is too high. Even with data owners (the bank or fintech) being equipped with state of the art technology, they do not have the technological means to restrict the usage of the data to legitimate uses only.

Why are Banks Reluctant to Share Data?

The bank sends the partner encrypted data so that nefarious hackers can’t snoop on the data while it’s in transit, but to do anything useful with the data, the partner institution has to decrypt it. This decryption generates a duplicate copy of the data in the raw, in the hands of the partner, which is subject to several vulnerabilities for both sides.

For the recipients/users of the data (the partners of the bank or financial institutions):

  1. Since they’re generating a copy of the data in the raw after decryption, a very stringent IT security solution has to be in place. This is quite expensive to put together. 
  2. Just having the IT security solution is not enough – certifications are also needed from third parties that the data is being handled correctly. This often costs thousands of dollars as well.
  3. Involved parties need to be compliant with all the laws and regulations that come with the data. This means that more costs will be attributed to attorneys and compliance experts.
  4. Strong stringent governance operations will also be required to ensure that it’s safe from their own employees inadvertently seeing data they’re not allowed to and abusing it.
  5. Parties may need the data just for a particular transaction, but there’s no guarantee that the recipient will delete it after it’s been used. This leaves stray data from previous uses in the recipient’s possession and stray data has been hacked in several situations in the past, including Capital One. This leads to a lot of liability issues. 
  6. Sometimes parties have to convince the sender/owner of the data that it’s not going to be abused since they’ll have decrypted data. This requires a lot of trust on both sides – which is risky to do with sensitive, regulated data.

For the senders/owners of the data (the banks or financial institutions):

  1. The default position on any data request is “no.” There’s a lot of business that isn’t happening today because no one believes data can be safely transacted. 
  2. If they choose to do business, they’ll still face big issues:
  1. Parties don’t want to just take their partner’s word that they won’t do evil. It needs to be enforced that they aren’t able to do any evil. 
  2. It’s a big headline risk. By being the victim of a data breach, reputation and trust is shattered. 
  3. There’s financial risk especially with a data breach. The partner will come with huge fines from regulators. 
  4. The partner needs to uphold their commitments to compliance with the appropriate laws and regulations, data security, and the terms of the contract. This is impossible with today’s state of the art technology, and often relies on good faith adherence to the terms of the contract.
  5. No one wants a partner that is a liability, even if the partnership is severed, the private data the partner has received in the past still holds a lot of risk.
  6. Everyone wants to avoid being the bad actor in the receiving institution, but one bad employee is all it takes. Relying on operational procedures and good-faith enforcement is not enough.

Open Banking involves providing data not only to trusted partners, but also to other fintechs and banks that may even be competitors. Because Open Banking involves sharing data with more parties, it poses additional danger to the financial data privacy of consumers, who are already wary of sharing their financial information with anyone other than their bank.

Current Workarounds

  1. Anonymized data is a common workaround to ensure that re-identification of individual customers is impossible to strip away all personally identifiable information from the dataset. The problem with this approach is that the anonymization has to be done manually, and strips away valuable information that can be useful for analysis. This manual process involves several data scientists manually cleaning, masking and hashing every attribute in every table, and can take months for just one dataset. Also, compliance is difficult – it’s been shown that even after manual anonymization, re-identification is still possible.
  2. Synthetic data involves creating a derivative dataset that does not contain any of the real data. However, this involves introducing statistical bias and noise into the dataset, and doesn’t really allow all of the real information to be extracted from the dataset. For example, outliers are often the most interesting from an analytics standpoint, and synthetic datasets can’t accommodate this.

The Solution

TripleBlind provides a Virtual Clean Room where the data can safely be used by the partners without ever exposing it to any of the risks that come with handling raw data. Powered by novel breakthroughs in advanced cryptography and mathematics, TripleBlind ensures that the financial institutions can safely work together with their partners.

TripleBlind Eliminates Decryption

TripleBlind’s Virtual Clean Room ensures that all legitimate operations on the data can be performed safely, while at the same time guaranteeing that no unauthorized operations can be performed on the data. No raw data may ever be taken out of the Virtual Clean Room. The data owner decides what operations are legitimate, and the clean room maintains an audit log of how the receiver used it every time. This Virtual Clean Room only exists for the duration of the usage of the data and vanishes after the transaction, and the real data never leaves the sender’s systems.

TripleBlind reduces the risks on both sides – banks never provide raw data, and yet, there’s no restriction around the legitimate use of the data by partners. The partners can use the data as they usually do without needing to take on the risk of working with the bank’s raw data. The real data is available to be used for the transaction, without requiring anonymization or tokenization.

For the partners, this is beneficial in several ways:

  1. Better service offering because the partners can get access to any data they need, thus building better products and services.
  2. Low liability since the partners never have raw data. They don’t present as a liability to the banks because the banks provide data in a way that only the previously agreed upon operation can be performed on it. So neither party is liable to a data abuse risk.
  3. There’s no restriction on legitimate use. TripleBlind’s novel encryption doesn’t place any restrictions on what can be done to the data with the permission of the data owner. All operations that are normally done on raw data are able to be performed on the encrypted data.
  4. Lower IT security costs  since the receiver doesn’t have to buy expensive IT security tools or go through pricey certifications processes.
  5. More accurate algorithms because they can now access more granular and more diverse data sources. Their algorithms can get more accurate and generalize better to new scenarios.

For the banks, this means:

  1. They can work with more partners to monetize their latent data assets, driving revenue straight to the bottom line.
  2. They don’t take on any additional risk in doing so.
  3. They don’t have to spin up a new data science team to spend months manually anonymizing a single dataset.
  4. They don’t have to go through the compliance, risk and review processes every time they choose to work with a partner.

For the consumer, this means:

  1. They can share their financial data however they want without risk of their data being leaked, stolen, or used for unauthorized purposes.
  2. They can benefit from better financial product and service offerings, catered to their financial needs.

Pricing

Our pricing varies so it’s best to reach out to us to receive a quote. But if you’re still not convinced by our technology, set up a demo and I’m sure we’ll change your mind. Fill out our contact form here.

TripleBlind Announces HIPAA Compliance for Its Cleanroom Solution

This week we announced that our rapid, efficient and cost effective data privacy and clean room solution has entered the $3.8 trillion health care market with the launch of a full suite of HIPAA compliant solutions. 

By eliminating manual anonymization and simplifying the compliance and legal processes around sharing data, healthcare organizations that use TripleBlind solutions can save significant amounts of time, resources and expenses. Additionally, TripleBlind’s patented automatic de-identification technology allows utilization of all the available data about a patient, including data elements that had to be stripped off during anonymization, without the possibility of identifying individuals through reverse engineering.

Riddhiman Das, co-founder and CEO of TripleBlind, said:

“Some of the largest healthcare data breaches of the past five years have single-handedly impacted as many as 80 million people – almost all of those breaches were outright caused by, or made easier, due to decrypted data,” said Riddhiman Das, co-founder and CEO of TripleBlind. “The healthcare industry still has much work to do concerning properly protecting patient data. TripleBlind’s clean room solution removes most of the risk. It is the only solution that enforces HIPAA compliance with every API call and doesn’t just rely on good-faith adherence to BAA.”

TripleBlind encrypts, and never decrypts, data or algorithms, allowing only approved operations to be executed. Its virtual clean room ensures compliance for all collaborating parties as they never share raw patient data. On the other side, data scientists can perform all the operations they ordinarily would without the risk of working with raw data.To learn more about how TripleBlind’s suite of tools enable healthcare providers to safely provide and consume extremely sensitive data and algorithms in an encrypted space, visit the health care page on our website or read the full press release.

TripleBlind Achieves HIPAA Compliance Press Release

TripleBlind Achieves HIPAA Compliance for Its Data Privacy Solution; Healthcare Industry Can Now Safely Utilize PHI Information

Healthcare Industry Players Can Accelerate Innovation and Improve Patient Care While Enforcing Privacy and Regulatory Standards; Healthcare Companies and Institutions Can Save Up to $1.5 Million Per Dataset Per Collaborator

KANSAS CITY, MO., Feb. 3, 2021TripleBlind, creator of a rapid, efficient and cost effective data privacy and clean room solution based on breakthroughs in advanced mathematics, announced today it has entered the $3.8 trillion healthcare market now that it has a full suite of HIPAA compliant solutions. This comes on the heels of its announcement that TripleBlind is collaborating with Mayo Clinic researchers who will use TripleBlind tools to train new algorithms on encrypted data and validate interoperability of encrypted algorithms on encrypted data and the.

By eliminating manual anonymization and simplifying the compliance and legal processes around sharing data, healthcare organizations that use TripleBlind solutions can save significant amounts of time, resources and expense. Additionally, TripleBlind’s patented automatic de-identification technology allows utilization of all the available data about a patient, including data elements that had to be stripped off during anonymization, without the possibility of identifying individuals through reverse engineering.

“Some of the largest healthcare data breaches of the past five years have single-handedly impacted as many as 80 million people – almost all of those breaches were outright caused by, or made easier, due to decrypted data,” said Riddhiman Das, co-founder and CEO of TripleBlind. “The healthcare industry still has much work to do concerning properly protecting patient data. TripleBlind’s clean room solution removes most of the risk. It is the only solution that enforces HIPAA compliance with every API call and doesn’t just rely on good-faith adherence to BAA.”

How TripleBlind For Healthcare Works

TripleBlind encrypts, and never decrypts, data or algorithms, allowing only approved operations to be executed. Its virtual clean room ensures compliance for all collaborating parties as they never share raw patient data. On the other side, data scientists can perform all the operations they ordinarily would without the risk of working with raw data.

By eliminating decryption or the manual steps involved with de-identification, TripleBlind enables:

  • Usage of all data without the risk of re-identification;
  • No exposure of any raw health data, but usage of real data for training, inference and analysis;
  • Generalization of algorithms on varied datasets to reduce bias;
  • Normalization and feature engineering of data without breaking privacy;
  • Full interoperability without any hardware dependencies or moving data outside the firewall.

Healthcare Use Cases

TripleBlind’s rapid, efficient and cost effective data privacy and data clean room solution unlocks new opportunities for the healthcare industry, such as:

  • Healthcare companies and institutions can develop more accurate and less biased novel AI models by utilizing richer, more diverse third-party clinical datasets that are currently difficult or impossible to access, while respecting patient privacy;
  • Healthcare institutions and companies can collaborate around data that’s difficult or impossible to de-identify via other means, like genetic and biometric data;
  • Digital health data platforms can allow partners to run their algorithms on its encrypted data with no chance of counter-party data abuse;
  • Research institutes can create new revenue streams by licensing AI diagnostic algorithms without fear of reverse engineering;
  • Hospitals worldwide can get access to sophisticated AI algorithms as compliance with local and regional privacy standards becomes enforceable via an API;
  • Healthcare organizations can deliver digital medicine globally and more easily enforce compliance with global privacy standards.

 

About TripleBlind

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.

 

Contact

Victoria Guimarin
UPRAISE Marketing + Public Relations for TripleBlind
tripleblind@upraisepr.com
415.397.7600