Toronto-based enterprise software company CryptoNumerics has raised about $3.4 million (US$2.5 million) in a seed-stage financing.
The round was led by 11.2 Capital, a U.S. venture capital firm. It was joined by fellow U.S. investors Lux Capital and Silicon Valley Data Capital. Shelley Zhuang, an 11.2 Capital managing partner, will join the board.
Founded last year and led by CEO Monica Holboke, CryptoNumerics helps organizations to use data to gain insights while overcoming privacy and data residency issues.
Along with the round, CryptoNumerics announced the launch of its CN-Protect software, which uses artificial intelligence to create privacy-protected data sets.
Photo: The team of CryptoNumerics.
CryptoNumerics announces free downloadable CN-Protect software that uses AI to create privacy protected datasets while maintaining their quality for machine learning.
CryptoNumerics also announces a $2.5 million USD seed financing from leading Silicon Valley Venture Capital firms
CN-Protect enables enterprises to comply with privacy regulations such as HIPAA, GDPR, and CCPA while maintaining data quality and reduces the risk of exposing consumer information
TORONTO, March 13, 2019 /CNW/ – CryptoNumerics, a Toronto-based enterprise software company, today announced a free downloadable version of CN-Protect, which allows companies to comply with HIPAA, GDPR and CCPA privacy regulations while maintaining data quality for analytics. In addition, by using the de-identification techniques in CN-Protect, such as Differential Privacy and Optimal k-Anonymity, companies reduce the risk of exposing consumer data.
CN-Protect has an easy to use interface that allows data scientists, privacy officers, and legal teams to quickly define and apply privacy policies. Additionally, users receive:
Quantifiable risk metrics to understand if they are satisfying privacy requirements
Data quality metrics to understand the impact of de-identification on analytics
The ability to customize rules according to company needs
“Current approaches to de-identify data such as masking, tokenization, and aggregation can leave data unprotected or without analytical value. CN-protect leverages AI and the most advanced anonymization techniques, such as optimal k-Anonymity and Differential Privacy, to protect your data and maintain data utility..” said Monica Holboke, Co-founder & CEO CryptoNumerics. “Our solution is easy to adopt because its available not only as a stand-alone product but also as a plug in to your data science stack.”
Fortune 500 companies and healthcare organizations are already leveraging CryptoNumerics software. Results have shown manifold improvement in machine learning model quality. “We have found the CryptoNumerics team to be impressive and their solution very relevant for satisfying privacy requirements and overcoming data residency challenges while accessing sensitive data for machine learning,” said Wolfgang Hauner, Chief Data Officer, Munich Re.
“Our early enterprise customers are excited to partner with Cryptonumerics because we not only solve their privacy concerns but we also enable them to leverage their data assets to build cross enterprise models that create new revenue opportunities.” said Ashfaq Munshi, Co-founder & Executive Chairman, CryptoNumerics.
CryptoNumerics has also raised US$2.5 million in seed funding from leading Silicon Valley VC funds. The funding round was led by 11.2 Capital with participation from Lux Capital, their first investment in Canada, and Silicon Valley Data Capital. “We could have not picked a stronger founding team in this increasingly mission critical space. We love their vision of marrying pragmatic privacy requirements while enabling ambitious business goals.” Zavain Dar, Partner at Lux Capital.
“Data drives AI capabilities and access to data is crucial for companies to succeed and stay competitive, especially in regulated industries. But this need for building better AI should not compromise people’s privacy, which is why CryptoNumerics software is so timely.” said Shelley Zhuang, MD 11.2 Capital, who is joining CryptoNumerics board of directors.
CryptoNumerics, based in Toronto, Ontario, enables organizations to use data to gain insights while overcoming privacy and data residency issues. CN-Protect enables enterprises to create a privacy-protected dataset where privacy risk has been balanced with data quality using AI and differential privacy. CN-Insight allows companies to build statistical and machine learning models without re-locating data using Secure Multiparty Computation and Private Set Intersection. The team includes senior executives and experts from Yahoo, IBM, Qualcomm Atheros, Barclays, Fidelity, KPMG, and more.
For further information: Hassan W. Bhatti, Co-founder & Head of Commercial, [email protected], +1 650-469-4085