Decentriq, a Swiss enterprise SaaS platform providing the most secure and compliant data clean rooms, has raised $15 million in Series A funding. Eclipse Ventures led the round with participation from existing investors Atlantic Labs, btov Partners, and Paladin Capital Group.
Zürich, Switzerland, 22 March 2022 – Decentriq, a Swiss enterprise SaaS platform providing the most secure and compliant data clean rooms, today announced a $15 million Series A funding round led by Eclipse Ventures, with participation from existing investors Atlantic Labs, btov Partners, and Paladin Capital Group.
Powered by encryption in-use technology called confidential computing, Decentriq’s data clean rooms ensure that no one but the data owner can access their raw data uploaded onto the platform – not other participants, Decentriq nor the cloud provider. This ensures that the data owner remains in full control of their data and thus completely preserving data privacy and adhering to the strictest regulatory standards such as GDPR.
Since 2021, Decentriq has been supporting pharmaceutical companies to access hospital data in Switzerland and Belgium in a secure and GDPR compliant manner, while 20 of the largest pharmaceutical companies in the world have been collaborating in a Decentriq data clean room to perform benchmarking on themselves.
Decentriq is also enabling advertisers and publishers to combine their first-party data to build and activate precise audiences in a cookie-less world. Further, Decentriq’s data clean rooms have been enabling banks to update their mailing list with up-to-date addresses found in the postal companies’ database.
Decentriq will use the investment to further accelerate the development and commercialization of its data clean rooms based on AI, state-of-the-art encryption and privacy-enhancing technologies (PET).
The funding will also be used to expand the types of analytical tools available on the platform, such as Python, R and machine learning, as well as PET features like synthetic data and differential privacy, capture growing demand for secure data collaboration in new and existing markets, and grow its team across key markets in Europe, the Middle East, Asia and the US.
“By leveraging Confidential Computing technology, Decentriq is building a world-class product for cloud-native ‘Data Clean Rooms’ and in doing so, unlocking a whole new dimension of data collaboration between Enterprises — without sacrificing privacy and regulatory requirements,” said Kushagra Vaid, Partner at Eclipse Ventures. “We are excited to partner with the Decentriq team and believe they are best positioned to capitalize on this emerging market for secure multi-party data collaboration.”
This latest investment comes just over a year after a $3.8 million seed funding round in November 2020. Since then, Decentriq has started working with new customers in the private and public sector, such as the Swiss Army and Mobiliar Insurance.
“We’re proud of the Decentriq platform that our incredible team has been building for the past year,” said Maximilian Groth, CEO of Decentriq. “Our data clean rooms enable companies to collaborate on the most restricted and sensitive data in a secure and GDPR compliant manner to unlock new value and deeper insights.”
“From improving patient outcomes to leveraging first-party data for precise audience activation, we strongly believe our platform has the potential to revolutionize almost every industry and empower many more companies to unlock new value from their sensitive data with the highest levels of data privacy and security guarantees,” added Groth. “Our data clean rooms have already made a positive impact in key industries, such as healthcare, advertising and financial services.”