21 August 2017
visit www.avoka.com

Big data privacy startup Privitar attracts heavyweight investors

14 July 2015  |  10957 views  |  0 Big data

Privitar, a UK startup promising to help banks and others make the most of big data while ensuring customer information is kept private, has raised more than $1 million in a seed funding round joined by two former Thomson Reuters CEOs.

Tom Glocer and Peter Job were joined by Rockspring CEO David Gammon and First Derivatives CTO Gerard Buggy in the oversubscribed round.

With recent ICO data suggesting that the majority of people are concerned about how their personal information is secured and passed on and sold between firms, Privitar is promising to help make using and trading big data safer.

The firm's patented design for privacy-preserving data uses algorithms to conceal identities by undetectably merging individual entity data into ‘crowds’. In addition, suppression techniques, including attribute level encryption and format-preserving tokenisation, help mitigate against "privacy harms" when they do happen.

Jason du Preez, CEO, Privitar, says: "We've found a way to satisfy an individual’s need for privacy alongside an organisation’s desire to predict and capitalise on behaviours through big data analytics.”

Privitar says it is already working with unnamed financial services firms, as well as telcos and Internet of Things specialists, and, ultimately, aims to act as a "stamp of approval" for companies which demonstrates good data security and privacy practice.

Says investor Glocer: "Operating all over the globe, Reuters has long been concerned with balancing privacy and access to high value data. As the last two chief executives of Reuters Group PLC, Sir Peter and I recognise the significant commercial value of Privitar's innovative technology."
KeywordsBIG DATA

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Wall Street heavyweights join $130m funding round for big data firm Dataminr

Wall Street heavyweights join $130m funding round for big data firm Dataminr

17 March 2015  |  10729 views  |  0 comments | 6 tweets | 5 linkedin
North American banks disillusioned with big data analytics - Aite survey

North American banks disillusioned with big data analytics - Aite survey

09 January 2015  |  19563 views  |  1 comments | 18 tweets | 20 linkedin
BBVA acquires big data startup Madiva

BBVA acquires big data startup Madiva

10 December 2014  |  14661 views  |  1 comments | 25 tweets | 9 linkedin
First Derivatives to take controlling interest in Kx Systems

First Derivatives to take controlling interest in Kx Systems

17 October 2014  |  8569 views  |  0 comments | 1 tweets | 1 linkedin

Related blogs

Create a blog about this story (membership required)
visit www.vasco.comdownload the paper nowvisit www.niceactimize.com

Who is commenting?

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
11154 views comments | 25 tweets | 23 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
9391 views comments | 22 tweets | 28 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
9366 views 0 | 5 tweets | 1 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
9121 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
8999 views comments | 10 tweets | 8 linkedin

Featured job

Find your next job