- Enabling technology helps organisations secure and extend the use of private and sensitive information
- Data-centric solution goes beyond perimeter security to reduce organisations’ vulnerability to data breaches
- Utilises patented design for safe, privacy-preserving data mining and leading scientific techniques for anonymising data
- Will provide stamp of approval for ‘privacy-by-design’ approach
- Secures backing from leading investors, including two former Reuters CEOs
London – embargoed until 00:01am, 14th July 2015 – Privitar (www.privitar.com), a new British technology company planning to transform the way organisations use sensitive personal or private information, today announces it has closed a successful seed funding round.
Privitar attracted over $1m of seed financing in an oversubscribed funding round from investors including: Tom Glocer (former Chief Executive of Reuters, currently Director at Merck & Co and Morgan Stanley); Sir Peter Job (former Chief Executive of Reuters); David Gammon (CEO of Rockspring, one of the early investors in DeepMind Technologies Limited, acquired by Google for an estimated £400M in 2014); David Cleevely CBE, FREng (Founder of Abcam, Cambridge Angels and the Centre for Science and Policy in Cambridge), and co-founder, Gerard Buggy (CTO of First Derivatives, previously at high-speed infrastructure players, NEON and TIBCO).
Privitar facilitates the use, collaboration and trade of Big Data while adopting an uncompromising approach to protecting personal or sensitive information.
This is made possible by using Privitar’s patented design for privacy-preserving data mining incorporating leading, scientific techniques for anonymising data. Its algorithms conceal identities by undetectably merging individual entity data into ‘crowds’ that preserve data utility but do not compromise data privacy if revealed or leaked. Privitar also makes use of proven suppression techniques, including attribute level encryption and format-preserving tokenisation. This mitigates against privacy harms that can occur, either unintentionally, or as a result of a malicious act.
Privitar is already working with leading institutions in financial services, telco and the Internet of Things and, ultimately, aims to act as a ‘stamp of approval’ for companies, which demonstrates good data security and privacy practice with high data protection compliance standards.
Recent ICO data1 reveals that 85% of people are concerned about how their personal information is passed or sold to other organisations and 77% are concerned about organisations not keeping their personal details secure. Mindful of multi-million pound fines, and reputational damage, organisations are seeking to minimise their exposure to data breaches, whilst retaining the ability to store and analyse customer data to improve products and services.
Jason du Preez, Co-founder & CEO of Privitar, said, “In a world where everything from cars to credit cards are connected to the Internet, companies can collect and analyse enormous amounts of consumer information to offer more personalised products and improve customer service. But, with the enormous opportunity of Big Data comes even greater responsibility. The reality is that we gain the most from cutting edge analytics if we can safely expose sensitive data. We’ve found a way to satisfy an individual’s need for privacy alongside an organisation’s desire to predict and capitalise on behaviours through big data analytics.”
Tom Glocer, Investor in Privitar said, “Operating all over the globe, Reuters has long been concerned with balancing privacy and access to high value data. As the last two chief executives of Reuters Group PLC, Sir Peter and I recognise the significant commercial value of Privitar’s innovative technology.”
David Cleevely CBE, FREng, Investor in Privitar said, “It is essential that we develop practical ways of protecting privacy, otherwise we may not be able to sustain growth in the internet based economy.”
John Taysom, Co-founder & Investor in Privitar said, “Unless organisations incorporate privacy into every aspect of the data supply chain they run the risk of impeding innovation and exposing their customers to harm. We know that organisations are motivated to change. Forrester predicted that enterprises would consider privacy a key competitive differentiator in 2015 and we are seeing clear evidence that they were right. Data privacy regulation is placing more stringent controls on data processing and organisations that fail to adopt a ‘privacy-by-design’ approach to data handling are sitting on a ticking time bomb.”
Privitar’s platform with patented Privacy Lens™ technology is built for Big Data with native support for popular Hadoop distributions and high performance, distributed computing models. An intuitive user experience combined with the state of the art options for data de-identification and anonymisation provides a compelling solution that aids innovation through collaboration and enables the extended use of sensitive data.
Originally published on the 14th of July 2015