Cape Privacy, a NYC- and Halifax, Nova Scotia global encrypted learning platform, raised $20m in Series A financing.
The round was led by Evolution Equity Partners with participation from new investors Tiger Global Management, Ridgeline Partners and Tom Noonan of Downing Lane, existing investors boldstart ventures, Version One Ventures, Haystack, Radical Ventures and Snyk executive Jevon MacDonald, as well as Coinbase co-founder and board member Fred Ehrsam, former Looker Data co-founders and executives Ben Porterfield and Keenan Rice, and Partners of Sand Hill East (former Financial Services C-level executives including Andy Brown and Roseann Palmieri).
The company intends to use the funds to expand operations and its business reach.
Led by Ché Wijesinghe, CEO, Cape provides an enterprise SaaS platform platform that – through encrypted learning – allows companies to collaborate on machine learning models without compromising proprietary or confidential data.
The Cape Encrypted Learning Platform enables an external data source to send encrypted data between multiple parties securely. Cape is able to process that data without ever decrypting it. Subsequently, only the enriched model output can be decrypted and leveraged by a user.