Hazy, a GDPR-compliant data sharing startup spun out of University College London, has raised a further $1.8m in seed funding.
The funding round was led by the UCL Technology Fund, alongside Nationwide Building Society, Pentland, Amadeus Capital Partners, AI Seed and other investors. IT brings the company’s total Seed funding raised in this round to $2.8m following a $1m investment from M12 and Notion, awarded to the company in May, after Hazy was declared the European winner of global startup competition Innovate.AI.
Founded in February 2017, the company was spun out of UCL and claims its proprietary AI engine is able to seek out and anonymise personal data buried in dataset.
Hazy provides an online platform which automatically anonymises datasets shared between business entities, using AI to sniff out personal data buried in files.
GDPR legislation means that use of anonymisation tech has become critical for businesses looking to share data for development and analysis or retain for future applications. The company says it is already working with customers ranging from startups to international banks and the UK government.
CEO Harry Keen said: “For a company that advocates for the responsible and ethical use of data, these are exciting and encouraging times.
“With this new capital we will be building out our range of products – making sure that we are identifying the right problems and building the right solutions. We are also looking forward to expanding our team, which has recently doubled in size from 6 to 12.”
Hazy enables users to track and manage who has access to their data with its secure data sharing system. Its built-in GDPR compliance means uses can share data under GDPR compliant legal agreements with built-in access and audit logs. Hazy’s Anonymisation AI means the users can also access automated data anonymisation that can optimise privacy.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
