KANSAS CITY, Mo., April 27, 2021 (GLOBE NEWSWIRE) — Today, TripleBlind announced that it expanded its collaboration with Mayo Clinic, which invested in a seed extension round, the only investor participating. TripleBlind recently announced that it raised $8.2 million in a significantly oversubscribed seed funding round. Mayo Clinic joins Accenture Ventures, 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 as a TripleBlind investor.
“As part of our mission to commercialize innovative technologies for the benefit of patients worldwide, we are furthering our collaboration with TripleBlind through this investment,” said Andy Danielsen, Chair, Mayo Clinic Ventures.
TripleBlind is collaborating with Mayo Clinic on data-analysis, algorithm training and validation on one-way encrypted data and on next generation algorithm sharing. Mayo Clinic researchers are using TripleBlind’s tools to validate interoperability of encrypted algorithms on encrypted data and the training of new algorithms on private data.
TripleBlind’s API-driven virtual exchange solution is based on breakthroughs in advanced mathematics, which the Mayo Clinic team is using and validating. TripleBlind is not accessing any Mayo Clinic data.
“TripleBlind’s API-driven virtual exchange solution accelerates how organizations develop, test and deploy AI solutions in healthcare, and leverage third party data amidst heavily regulated privacy concerns,” said Riddhiman Das, co-founder and CEO of TripleBlind. “We believe Mayo Clinic’s investment further supports our approach and we’re excited to continue our collaboration to deploy TripleBlind’s encryption tools and work on real-world applications.”
TripleBlind’s solution functions as the innovative data encryption conduit that keeps the data and intellectual property in the algorithm secure and addresses the issue that today, healthcare systems have to either transfer data or algorithms outside their institution for experts to train or conduct research. The encryption conduit Mayo Clinic is evaluating will eliminate the need for data transfer or for sharing the algorithm, thus protecting intellectual property and data.
The collaboration is also seeking to demonstrate that TripleBlind’s toolset can be applied to train and develop entirely new algorithms from independent entities anywhere in the world without the need to share raw data, thus preserving privacy and security while meeting 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.
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