Private AI, which leverages AI to better protect personally identifiable information (PII), has secured $8m for its Series A round.
BDC Capital led the round, with commitments also coming from GIT1K and Panda Angel Partners. Existing Private AI investors, Microsoft’s Venture Fund (M12), Differential Ventures, Forum Ventures, Shasta Ventures and Parliament Angels, also joined the round.
This capital will enable Private AI to develop a new self-service platform and enable the detection of PII within documents, such as PDFs and word docs. The PII protection company recently launched in France and will use the Series A funds to bolster its European expansion.
Private AI offers AI that can detect, redact and replace over 50 types of PII in over 47 languages. The software can integrate into any environment with just three lines of code.
The solution is deployed within the customers’ own environment, which means their data is never transferred to a third-party data processor. The product covers data protection regulations, such as GDPR, CPRA, and HIPAA.
Private AI’s revenue grew 80% quarter over quarter in the last 18 months.
Private AI co-founder and CEO Patricia Thaine said, “While it’s important to a company to be able to leverage the value of their data, the protection of personal data is a core component of complying with most data protection regulations.
“That’s why we enable replacing the original personal data with contextually correct synthetic data, allowing safe, compliant data analytics and modelling.”
Private AI previously raised $3.15m for its seed funding round in 2021. The capital was used for product expansion, improvements, and finding product-market fit.
Earlier in the year, Indonesia’s Privy raised $48m for its Series C funding round. The company is a digital trust platform in Indonesia that provides trusted digital identities and legally binding signatures.
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