Tripleblind Raises $24M to Revolutionize Data Sharing with Privacy

The Rise of Privacy-Preserving Data Sharing

As more organizations leverage big data, the need for secure and compliant data sharing solutions is rapidly increasing. Technologists are responding with innovative approaches to address this demand, ensuring privacy and adherence to data protection regulations.

TripleBlind Secures New Funding

TripleBlind, a startup specializing in data encryption that allows sharing without decryption or leaving the owner’s infrastructure, has announced a new funding round. The company secured $24 million in Series A funding to further develop its technology and expand into new enterprise sectors.

Investment Details and Backers

This funding round was co-led by General Catalyst and the Mayo Clinic, with participation from AVG Basecamp Fund, Accenture Ventures, and others. The company has now raised over $32 million in total funding, exceeding the initial target for this round.

Platform Compliance and Data Volume

TripleBlind’s platform currently complies with data privacy regulations in approximately 100 countries, including HIPAA, GDPR, and California’s CCPA. The company estimates that a staggering 43 zetabytes of enterprise data globally remains underutilized due to data protection rules and concerns regarding data sharing.

Mayo Clinic's Strategic Investment

Mayo Clinic, a leading medical research institution, is a strategic investor in TripleBlind. They are utilizing the technology for data encryption and algorithm development without requiring raw data access.

Addressing Collaboration Challenges

Traditionally, collaboration between institutions or within a single institution with multiple datasets requires data and algorithm transfer. TripleBlind aims to eliminate this necessity, fostering collaboration without compromising data security.

The "Triple Blind" Concept

The company’s name reflects its core principle: ensuring all parties involved – the data owner, the data user, and the processing entity – remain “blind” to sensitive information throughout the process.

Industry Expert Endorsement

John Halamka, M.D., president of Mayo Clinic Platform, emphasizes that combining AI algorithms with privacy-protected data is crucial for advancing digital medicine. He believes TripleBlind’s solutions will usher in a new era of collaborative innovation.

Strategic Partnerships and Customer Base

Beyond Mayo Clinic, TripleBlind counts Accenture, Okta, and Snowflake among its strategic backers and customers. Mayo Clinic previously invested in TripleBlind’s seed round as well.

Expanding Market Focus

Riddhiman Das, TripleBlind’s CEO, reports growing interest in the platform from sectors including healthcare, financial services, media, and utilities.

Unlocking the Potential of Big Data

Innovations in big data analytics are enabling organizations to synthesize knowledge and develop new algorithms in previously challenging areas, such as medical research and autonomous systems.

The Privacy Paradox

However, increasing concerns about privacy and data protection, driven by both regulations and consumer preferences, create a paradox. Utilizing data effectively requires navigating complex caveats and restrictions.

Emerging Technologies for Data Privacy

A variety of technologies are being developed to address this challenge, including homomorphic encryption, synthetic datasets, federated learning, and blockchain applications.

TripleBlind's Differentiated Approach

TripleBlind asserts its system overcomes limitations of other approaches. Homomorphic encryption is resource-intensive, tokenization reduces accuracy, synthetic data lacks authenticity, federated learning poses reconstruction risks, and blockchain isn’t designed for data sharing.

Blending Approaches for Optimal Solutions

It’s important to note that many technologists are adopting blended approaches, combining elements from different techniques to create next-generation solutions, a strategy TripleBlind also embraces.

Origins at Alibaba’s Ant

TripleBlind’s founder, Riddhiman Das, conceived the idea for the platform while working at Alibaba’s Ant, following an acquisition that faced privacy-related challenges.

Identifying a Broader Problem

Das realized the privacy issues extended beyond biometrics, impacting areas like anti-money laundering and know-your-customer algorithms. Data residency and privacy regulations significantly hindered data utilization.

From Acquisition Challenges to Innovation

The difficulties encountered with a previous acquisition, ultimately leading to its divestiture, prompted Das to explore a new approach to data sharing that prioritized both privacy and utility.

A New Paradigm for Data Privacy

TripleBlind’s patented approach combines encryption with a unique architecture that ensures data remains with its owner during computations, addressing contractual limitations often associated with traditional encryption methods.

Investor Confidence in TripleBlind’s Vision

Quentin Clark, managing director at General Catalyst, highlights TripleBlind’s potential to empower collaboration while preserving privacy, data rights, and intellectual property, particularly within the healthcare industry.