Cape Privacy, a New York- and Halifax, Nova Scotia-based encrypted learning platform, has raised $20 million in Series A financing. Evolution Equity Partners led the round, with participation from Ridgeline Partners, Tiger Global Management and Tom Noonan of Downing Lane. Cape Privacy’s seed investors Boldstart Ventures, Haystack, Jevon MacDonald, Radical Ventures and Version One Ventures also backed the deal, along with several angel investors.
April 20, 2021
NEW YORK & HALIFAX, Nova Scotia–(BUSINESS WIRE)–Cape Privacy, the leading global encrypted learning platform, announces today it has raised $20 million in Series A financing to help accelerate growth. Cape is the only platform that through encrypted learning allows companies to collaborate on machine learning models without compromising proprietary or confidential data. The round was led by Evolution Equity Partners with participation from new investors Tiger Global Management, Ridgeline Partners and Tom Noonan of Downing Lane, together with existing investors boldstart ventures, Version One Ventures, Haystack, Radical Ventures and Snyk executive Jevon MacDonald. Additional investment came from Coinbase co-founder and board member Fred Ehrsam, former Looker Data co-founders and executives Ben Porterfield and Keenan Rice, and Partners of Sand Hill East (former Financial Services C-level executives including Andy Brown and Roseann Palmieri).
“Over the past year, we have seen growing demand from financial institutions who want to enrich their machine learning models through external data sources including retail and credit card companies. Gaining access to this proprietary data can provide financial services firms with a competitive edge. However all parties need to ensure the privacy of their own data. Thanks to Cape’s encrypted learning platform, data scientists within and across multiple organizations can now securely collaborate on model development. Better data means better business outcomes,” said Ché Wijesinghe, CEO, Cape Privacy. “This Series A round of funding is a significant company milestone as we continue to innovate a necessary standard for secure machine learning and data privacy.”
Cape Privacy’s unique formula of advanced cryptography and machine learning enables collaboration on data without ever exposing it. The Cape Encrypted Learning Platform enables an external data source to send encrypted data between multiple parties securely. Cape is able to process that data without ever decrypting it. Subsequently, only the enriched model output can be decrypted and leveraged by a Cape user.
“Cape Privacy’s mission to realize the full potential of data science and machine learning through encrypted learning will have far-reaching impact,” said Richard Seewald, Founding and Managing Partner, Evolution Equity Partners. “The application in Financial Services is only the beginning. Cape has big plans in life sciences and government where machine learning will help make incredible advances in clinical trials and counter-terrorism for example. We anticipate wide adoption of Cape’s technology across many use cases and industries.”
Previously, Cape raised a $5 million seed round in 2020 led by boldstart ventures and Version One with participation from Haystack, Radical, and Faktory Ventures.
About Cape Privacy
Cape Privacy offers an enterprise SaaS platform for encrypted learning combining advanced machine learning and cryptography. With Cape’s technology, privacy is protected by default as companies collaborate with external parties to improve data models and increase business value—without ever having their sensitive data exposed. Cape Privacy’s platform is flexible, adaptable and open source. Based in New York City and Halifax Canada with a fully distributed team from Europe to California. The Company is backed by Evolution Equity Partners; Tiger Global Management; boldstart ventures; Version One Ventures; Ridgeline Partners; Haystack and Radical Ventures.