Oct 20, 2021 – TripleBlind is taking a new approach to enterprise-level data sharing that preserves privacy, and the startup just scored $24 million to keep up with strong demand for its technology.
The Kansas City, Missouri-based company developed a proprietary cryptographically enforced data privacy solution that enables enterprises to enforce the data privacy regulations in place in more than 100 countries—such as the General Data Protection Regulation (GDPR) in the EU and the Health Insurance Portability and Accountability Act (HIPAA) in the U.S., as well as the regulations in four U.S. states, such as the California Consumer Privacy Act (CCPA).
TripleBlind developed a way to encrypt data so they can be shared without being decrypted or leaving the data owner’s firewall. TripleBlind does not host or access the data, the company said.
Company executives say the technology significantly differs from existing solutions and is not based on homomorphic encryption, secure enclaves, tokenization/masking/hashing and differential privacy, synthetic data, federated learning or blockchain.
The oversubscribed series A funding was led by General Catalyst and Mayo Clinic. This round follows TripleBlind’s pre-seed raise of $8.2 million announced in March.
“Bringing together AI algorithms and data in ways that preserve privacy and intellectual property is one of the keys to delivering the next generation of digital medicine,” said John Halamka, M.D., president of Mayo Clinic Platform, in a statement. “These novel privacy-protected solutions promise to usher a new era of collaboration.”
Halamka joined the TripleBlind board as an observer.
Mayo Clinic also invested in the company’s seed round. TripleBlind is collaborating with Mayo on data analysis, algorithm training and validation on one-way encrypted data and on next-generation…Read more on FierceHealthcare.com.