In about 10 days, we will have a significant announcement. The VC arm of a leading global professional services company will invest in TripleBlind and greatly accelerate our growth by connecting us to their ecosystem of companies and expertise.
Our new investor was eager to enter the data privacy space and organized a global review of the companies in the space. After a thorough review, they chose TripleBlind, noting that our solution is much more effective than the workarounds available today – complex legal contracts, data anonymization/de-identification and cumbersome alternative technologies, such as homomorphic encryption. For an example of how our solution works, please have a look at our recent blog.
Some of the obvious problems with these workarounds include:
- Complex legal contracts often contain terms that are limiting and/or include liability clauses that are so onerous that companies are unwilling to enter into them, thus negotiations are typically expensive and require months to complete, despite the potential collaboration benefits
- Data anonymization/deidentification is hard to execute well. It is ineffective if it doesn’t meet three criteria: individualization (it must not be possible to identify an individual), correlation (it must not be possible to cross-check multiple data sets to identify an individual), and inference (it must not be possible to deduce information about an individual from the data set)
- Other technologies: Homomorphic encryption is a slow process that dramatically taxes compute performance. Differential privacy introduces inaccuracies to the eventual calculation. Secure enclaves are hardware dependent, do not support AI/ML at scale, are susceptible to known hacker attacks and not easy to update.
Shortly after announcing this large investor, we plan to announce new funding by several experienced VC firms and veteran angel investors. In fact, this pre-seed round was oversubscribed.
What is generating so much interest in our solution? Today, IBM estimates that enterprises fail to utilize as much as 93% of their data to generate incremental revenue by collaborating with customers, partners and even competitors. This is typically regulated data, such as PII and PHI, or mission-critical enterprise data such as tax returns and banking transactions. Our solution enables enterprises to unlock the information and insights within this data (note I didn’t state the data itself) while remaining in compliance with GDPR, HIPAA, CCPA (California Consumer Privacy Act) and similar regulations.
At TripleBlind, we think the better answer is mathematically enforced cryptography that doesn’t rely on laws or outdated technology, but rather privacy that is built into the protocol. We are working to “build in” privacy preservation and we want to give enterprises the keys to either lock or unlock their data as they see fit.
We are excited to apply these investments to complete product development and testing, and bring our solution to the over $500 billion data analytics market.
Stay tuned for upcoming announcements of major new customers!