Earlier this month, TripleBlind announced that we closed a $24 million Series A investment led by General Catalyst and Mayo Clinic. This is a remarkable milestone for TripleBlind, less than two years into our journey. I am incredibly proud of our entire team that made this possible.
Our Series A process happened rather suddenly when a few strategic customers started realizing the potential of TripleBlind.
Why General Catalyst?
It was clear that they had a strong thesis in this space – I was impressed by their knowledge of and enthusiasm for TripleBlind. Their thesis included how more and more data across industries and regulatory regimes are starting to be classified as sensitive, which inhibits the ability to share and collaborate around them.
What’s especially appealing was their overall mission of affecting a double-digit percentage reduction in the cost of U.S. healthcare. They had even written a manifesto around how data sharing is key to enabling this. If you just read the opening four paragraphs of the book, you’ll see how TripleBlind’s mission of enabling health data liquidity is key to achieving such an admirable mission.
Why Mayo Clinic?
The Mayo Platform is the most ambitious initiative in healthcare today. With a stated mission of delivering Mayo Clinic quality patient care globally enabled by digital health technologies. As I’ve learned more about healthcare, it’s clear that any significant progress will require close collaboration between medicine and technology, and it’s evident that Mayo is leading the world in digital health.
We will continue to have a five-person board composed as follows:
- Quentin Clark, General Catalyst
- Ben Bayat, NextGen Venture Partners
- Andrew Krowne, Dolby Family Ventures
- Greg Storm, TripleBlind (Secretary)
- Riddhiman Das, TripleBlind (Chairman)
In addition to the board directors, we’ll have the following board observers:
- John Halamka, President of the Mayo Platform
- Shail Jain, Global Managing Director, Data & AI, Accenture
- Thad Langford, Flyover Capital
- Toby Rush, Independent
What does this mean for TripleBlind?
I first encountered HIPAA from a technology perspective while building a digital health platform for Qualcomm Wireless Health in 2011. I was surprised to learn that the most significant barriers to rapid innovation in healthcare are regulatory, not market forces or technological breakthroughs.
TripleBlind is the first and only privacy-preserving solution for patient data privacy for most global privacy regulations, including HIPAA in the U.S. and GDPR in Europe. While others have tried, failed and retreated from PHI (Protected Health Information), TripleBlind has a proven solution that ensures patient privacy is protected to the most stringent regulatory standards while enabling rapid innovation in digital health. On top of that, TripleBlind is also the only technology to ensure that the intellectual property of the algorithms are protected as they’re used by third parties as well. This positions us as a unique enabler for the next generation of breakthroughs in digital health. We’ll double down our focus on enabling digital health data platforms globally.
In addition to healthcare, we’ll continue to serve several use cases in capital markets, with the same DaaS (Data as a Service) platform-enablement product. There are significant pain points we solve for in capital markets, and it has the potential to be a much faster-moving market than healthcare. From credit underwriting to alternative data, it’s abundantly clear that market and regulatory forces are driving the need to protect consumer privacy.
In under two years, we have managed to crack the holy grail of data privacy, served reputable customers, built amazing partnerships and are backed by strong thesis-driven investors.
Thank you for joining us in our journey. I can’t wait to see what global innovators will do with the rapid pace of innovation enabled by TripleBlind.
I am excited to build the future with you.