From: RegTech Analyst
DataFleets has picked up $4.5m in new funding to further its efforts to enable databases to be accessed without companies running the risk of their data being compromised.
The seed capital raise was co-led by AME Cloud Ventures and Morado Ventures. Lightspeed Venture Partners, Peterson Ventures, Mark Cuban, LG, Harvard’s president of its board of overseers Marty Chavez, Stanford-StarX fund and founders from unicorns Rappi, Quora and Lucid Software also participated in the raise.
“DataFleets is thrilled to partner with such capable and prominent investors,” said David Gilmore, CEO of DataFleets. “Drawing from their support and experience, we can more effectively serve our customers and fulfil our mission of simplifying access and privacy across the data science lifecycle.”
The startup essentially helps data scientists access and analyse data without running the risk of compromising privacy, meaning businesses such as banks and financial services firms can better access insights from big data.
“I am so excited for Mark Cuban Companies to be involved as an investor in DataFleets,” said Mark Cuban Companies. “We have been closely tracking the privacy-preserving analytics, federated learning, and differential privacy spaces over the past few years. With DataFleets, any data scientist can collaborate safely and compliantly on confidential and private data like healthcare records, financial transactions, or marketing data.”
Taejoon Park, managing director of LG Technology Ventures, added, “As a large corporation, LG has customer data scattered across affiliates that cannot be easily centralised due to data privacy and data ownership. This handicaps our ability to fully utilise data’s value and to better serve our customers. We are incredibly excited about how the DataFleets federated learning platform can unlock the full potential of decentralised data in a privacy-preserving manner.”
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