Private AI Secures $8M in Funding to Expand Its ‘Software Privacy Layer’

TORONTO, November 17, 2022 /PRNewswire/ – Over 53 million people have been affected by data breaches in the first half of 2022 in the United States only. Personal data is not safe even inside an encrypted vault.

Private AIThe solution gets to the root of the problem by identifying, removing and replacing personal data with an unparalleled level of accuracy. With $8 million secured by Series A funding, they began to expand their operations across Europe and invest in product enhancements, such as the upcoming self-service platform.

Private AI uses state-of-the-art AI to detect, delete and replace over 50 types of Personally Identifiable Information (PII) in over 47 languages. “We’ve built a privacy layer for software that can easily integrate into any environment with just three lines of code,” says Patricia Thaine, co-founder and CEO of Private AI. “We extend it to all types of data in all use cases.”

Uniquely, Private AI’s solution is deployed in customers’ own environment, which means that their data never needs to be transferred to a third-party data processor. The product covers data protection regulations such as GDPR, CPRA and HIPAA.

Compromised personal data not only leads to heavy fines, but also significant reputational damage. Instagram was recently fined almost $400 million for breaching GDPR regulations. Meta faced the biggest wipeout in stock exchange historygiven their continued violations of user privacy and trust and the blow to their bottom line thanks to Apple’s new privacy features.

“While it’s important for a business to be able to leverage the value of its data, protecting personal data is an essential part of complying with most data protection regulations,” says Thaine. “That’s why we make it possible to replace original personal data with contextually correct synthetic data, enabling safe and compliant data analysis and modeling.”

The privacy layer of private AI also plays an important role in cybersecurity. “With our solution, even when a data breach occurs, all unnecessary personal data is identified and removed. This way, bad actors can no longer discover it,” says Pieter Luitjensco-founder and CTO of Private AI.

BDC Capital led this latest round of financing, with the participation of new investors GIT1K, and Panda Angel Partners. He also counted on the continued support of existing investors. Microsoft Venture Fund (M12), Differential companies, Business forums, Shasta Ventures and Parliament Angels made up of a group of early Twilio employees.

“Private AI exists in a data-driven world where information is the most valuable currency,” says Michelle Scarborough, Managing Partner, Thrive Venture Fund at BDC Capital. “We are thrilled to support Private AI’s mission of empowering businesses to fully unlock the value of their data – creating the highly personalized experiences customers expect – while respecting their privacy.”

This is the third funding round for private AI. Their seed turn in September 2021 secured $3.15 million for product expansion, improvements and product-market fit research. With this Series A funding, the company will develop a new self-service platform and enable the detection of personally identifiable information “PII” in documents (like pdf and docx) as well as the generation of risk profiles. Private AI revenue grew 80% quarter-over-quarter over the past 18 months.

The company announced its throw in France at the Big Data & AI Paris show at the end of September. With this Series A funding, Private AI will further expand its business in Europe and in new industrial sectors.

“The past few years have proven the value of data for health research and development,” says Priyanka Mitra, Partner at M12. “We are excited to return to the table as investors and are fully confident in the team’s ability to continue to evolve cutting-edge developer tools for data privacy.”

“Private AI has already proven that it is possible to use valuable data while maintaining privacy. This funding will have a major impact in expanding our reach,” Thaine added.

About Private AI
Founded by privacy and machine learning experts from the University of Toronto, Private AI’s mission is to create a layer of privacy for software and improve compliance with applicable regulations such as GDPR. Data processing by artificial intelligence makes it possible to combine cybersecurity and privacy for a safer Internet. Learn more about: https://www.private-ai.com/

About BDC Capital
BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative companies. It offers businesses a full range of capital, from seed investment to growth capital, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.

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