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Privacy Dynamics, a startup that aims to make data usable for engineering teams while eliminating the risk of advertising, today announced the launch of a new software-a-a-service application called “de-identification” that is easy to use. Describes. “Tool” for anonymizing data. According to founder and CEO Graham Thompson, the app is capable of anonymizing thousands of records per second and requires just one click to execute.
This is being launched as a top concern for data privacy in both the consumer and commercial sectors. Gartner predicts that by 2023, 75% of the world’s population will have their personal information covered under modern privacy laws. Among other things, this means that enterprises should increasingly focus on bringing automation into their privacy management systems, the research firm said.
Founded in mid-2019, Privacy Dynamics was inspired by the many questions that Thompson raised from customers about whether the data they were using was sufficiently anonymous. He previously worked on teams at Microsoft, including Azure Developer Relations and Civic Technology, where he helped enterprise and government customers navigate privacy rules such as GDPR as they migrate to the cloud.
Fast and efficient
Thompson said the company’s software is “different because it’s accurate, fast and efficient.”
“When anonymizing data, we use scalpels instead of sledgehammers to make sure the data is safe to use and really useful for data teams,” Thompson said. “The tool analyzes the risk of re-identification at the cell level, which greatly reduces data distortion compared to the column-wise approach. This data allows engineers to do more with treated data and access it more quickly. “According to Privacy Dynamics, this approach reduces data distortion by up to 90% against industry standards.
In terms of tool usage cases, startups say software can enable machine learning engineers to create training data on demand. According to Privacy Dynamics, it can power Business Intelligence dashboards for business team members and enable data sharing with external partners, without the risk of privacy breaches.
‘Plug and Play’
Seattle-based startups also worked with the “plug-and-play” framework to make the tool easier to setup and use, Thompson said. The software supports popular data warehouse providers such as Snowflake, BigQuery, Microsoft Azure and Amazon Redshift. Critically, the data treatment offered by Privacy Dynamics satisfies regulatory requirements, including HIPAA, GDPR and CCPA, the company said.
Privacy Dynamics is not disclosing how many customers it has been working with so far, or the names of any customers.
With the launch of its de-identification tool, Privacy Dynamics today announced a 4 million seed fundraiser to further develop its product and help its team expand from its current headcount 13.
Funds led by Root Ventures included investments from Slack, Crosscut, Geometry Ventures, Hypergrowth Partners. Privacy Dynamics has now raised 5.7 million.
Other recent funding rounds for startups focused on enabling data privacy include $ 45 million for Skyflow and $ 30 million for Duality Technology in October. Trustpage, which enables SaaS vendors to easily communicate their data security and privacy measures, announced a $ 5 million seed round this week.
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