Privacy Analytics Inc., an Ottawa, Ontario, Canada-based provider of data anonymization solutions, raised $3.5m in funding.
The round was led by Vanedge Capital, which joined the BDC IT Venture Fund and the Ontario Institute for Cancer Research (OICR) as primary investors. V. Paul Lee, Managing Partner for Vanedge, will join the company’s board of directors.
The company intends to use the funds to increase sales and marketing efforts, as well as bolster development of its PARAT software product line.
Founded in 2007 by Khaled El Emam, CEO, Privacy Analytics provides organizations with enterprise software to safeguard and enable data for secondary purposes using a risk-based approach that optimizes the analytic utility of anonymized data sets. Its PARAT automates the anonymization of structured and unstructured information from multiple sources in compliance with HIPAA and other regulatory requirements.
Customers include healthcare companies, academic and research organizations, such as The Center for Clinical Excellence at Mount Sinai in New York City and the Better Outcomes Registry and Network (BORN) Registry in the province of Ontario.