Private AI, a Toronto, Canada-based software company that uses state-of-the-art AI to detect, redact, and replace over 50 types of Personally Identifiable Information (PII) in over 47 languages, announced that it raised $8 million in Series A funding.
The round was led by BDC Capital, with participation from new investors GIT1K, and Panda Angel Partners and existing investors Microsoft’s Venture Fund (M12), Differential Ventures, Forum Ventures, Shasta Ventures, and Parliament Angels made up of a group of early Twilio employees also participated in the round.
With this Series A funding, the company will develop a new self-service platform and enable the detection of Personally Identifiable Information “PII” within documents (like pdf and Docx) along with generating risk profiles. It will also further expand its activities in Europe and across new industry sectors.
“We have 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 are expanding it for all types of data across all use cases.”
Private AI’s solution is deployed within the customer's environment, meaning their data never has to be transferred to a third-party data processor. The product covers data protection regulations such as GDPR, CPRA, and HIPAA.
Company: Private AI, Inc.
Round: Series A
Funding Month: November 2022
Lead Investors: BDC Capital
Additional Investors: GIT1K, Panda Angel Partners, Microsoft’s Venture Fund (M12), Differential Ventures, Forum Ventures, Shasta Ventures, and Parliament Angels
Company Website: https://www.private-ai.com/
Software Category: Personal Data De-Identification Software
About the Company: Founded in 2017 by privacy and machine learning experts from the University of Toronto, Private AI offers image, video, and text de-identification of personal information at source on-device or on-premise. It provides machine learning models that enable its clients to identify, redact, and pseudonymize personal data (PII, PCI, and PHI) from unstructured data. Private AI’s solution gets to the root of the problem by identifying, removing, and replacing personal data with an unparalleled level of accuracy. Private AI’s mission is to create a privacy layer for software and enhance compliance with current regulations such as the GDPR. Processing data through artificial intelligence helps combine cybersecurity and privacy for a safer internet.