CryptoNumerics, a Toronto, Canada-based enterprise software company, raised $2.5m in seed financing.
The round was led by 11.2 Capital with participation from Lux Capital, and Silicon Valley Data Capital. In conjunction with the funding, Shelley Zhuang, MD 11.2 Capital, is joining CryptoNumerics board of directors.
Led by Monica Holboke, Co-founder & CEO, and and Ashfaq Munshi, Co-founder & Executive Chairman, CryptoNumerics enables organizations to use data to gain insights while overcoming privacy and data residency issues.
Its offerings include:
– CN-Protect enables enterprises to create a privacy-protected dataset where privacy risk has been balanced with data quality using AI and differential privacy.
– CN-Insight allows companies to build statistical and machine learning models without re-locating data using Secure Multiparty Computation and Private Set Intersection.
The company has also announced a free downloadable version of CN-Protect, which allows companies to comply with HIPAA, GDPR and CCPA privacy regulations while maintaining data quality for analytics.
In addition, by using the de-identification techniques, such as Differential Privacy and Optimal k-Anonymity, companies reduce the risk of exposing consumer data.