Private data sharing solutions provider TripleBlind on Monday announced raising $24 million in an oversubscribed Series A funding round, which brings 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 Fund, Accenture Ventures, Clocktower Technology Ventures, Dolby Family Ventures, Flyover Capital, KCRise Fund, NextGen Venture Partners, and Wavemaker Three-Sixty Health.
The Kansas City, Missouri-based company provides a private data sharing solution designed to enable enterprises to collaborate with others around sensitive information without privacy risks and compliance violation concerns.
TripleBlind advertises its solution as ideal for healthcare organizations and financial institutions. 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 data] remains protected and is fully one-way encrypted prior to being connected with the data user,” TripleBlind explained. “The data owner retains 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, data 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 train algorithms or produce inferences. All assets remain protected and encrypted throughout the process, with no decryption possible.”
General Catalyst believes the solution can help healthcare organizations access data more quickly, conduct faster clinical trials, and bring drugs to market faster, all while ensuring privacy and complying with regulatory requirements.