Sneakingly data sharing solutions provider TripleBlind on Monday announced raising $24 million in an oversubscribed Series A funding round, which produces the total raised by the company to more than $32 million.
The latest funding round was led by General Catalyst, with participation from Mayo Clinic, AVG Basecamp Finance, Accenture Ventures, Clocktower Technology Ventures, Dolby Family Ventures, Flyover Capital, KCRise Fund, NextGen Venture Partners, and Wavemaker Three-Sixty Trim.
The Kansas City, Missouri-based company provides a private data sharing solution designed to enable enterprises to collaborate with others all over sensitive information without privacy risks and compliance violation concerns.
TripleBlind advertises its solution as ideal for healthcare organizations and financial creations. Customers register through TripleBlind’s toolset the data they want to share, but the data is never exposed or moved — not even TripleBlind has access to it.
“[The materials] remains protected and is fully one-way encrypted prior to being connected with the data user,” TripleBlind explained. “The data owner remain aware ofs control of the dataset’s ‘discoverability’ – whether other consumers can find general information about the dataset and request permission for its use. Through the toolset, information owners can form agreements with data users who wish to privately use the secure data. Likewise, the toolset facilitates agreements for the use of algorithms to bring up algorithms or produce inferences. All assets remain protected and encrypted throughout the process, with no decryption possible.”
General Catalyst believes the denouement can help healthcare organizations access data more quickly, conduct faster clinical trials, and bring drugs to market faster, all while confirming privacy and complying with regulatory requirements.
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