Privacy engineering deep tech startup PrivaSapien has raised Rs 8 crore (USD 1 million) in a seed round funding led by Omidyar Network India.
The 2021 Winner of Aatmanirbhar Bharat’s ANIC-ARISE Challenge by NITI Aayog, PrivaSapien plans to ramp up its research and product development, along with accelerating the sales and marketing efforts in geographies with privacy regulations across the globe, PrivaSapien said in a press release.
Founded by Abilash Soundararajan and Deepika Abilash, PrivaSapien is a B2B privacy engineering company helps businesses visualize privacy risk, mitigate it, and unlock the value of data and derive strategic business insights, without violating user privacy. It offers targeted solutions to companies to handle these privacy requirements, all of which is built on its advanced patented technologies.
"With privacy regulations coming up across the world, there is a pressing need for privacy engineering solutions to unlock data from their silos and create value, without violating user privacy. We will be using the funds to ramp up our research and product development in this emerging field, along with accelerating our sales and marketing efforts in geographies with privacy regulations across the globe," Abilash Soundararajan, Founder & CEO of PrivaSapien said.
PrivaSapien says that its products have applications across sectors and are being currently used in industries handling sensitive personal data like healthcare, finance, telco and connected devices where analytics or cross-border data transfer play a key role.
Shilpa Kumar, Partner, Omidyar Network India said, "Given our ongoing focus on privacy-tech as an investor, we are delighted to see the evolution of market-led models like PrivaSapien. The work that Abhilash and team are doing will help businesses to enhance the privacy and safety of their customers in the digital economy. This is especially critical as more and more Indians come online. We are proud to partner with PrivaSapien who has taken on this mission through an innovation-first lens to help businesses adopt privacy preserved data handling."
PrivaSapien is working with global technology partners in areas like cloud, consulting and system integration to creating a global and population scale impact.
One of PrivaSapien’s key products, Privacy X-Ray is an automated privacy audit tool that assesses privacy risk in a dataset, thereby reducing the time taken in the process from a few weeks to a few minutes. It also provides intelligent recommendations to mitigate the risk & meet compliance requirements.
Its second tool, Event Horizon, offers automated anonymization of a dataset to ensure privacy protected handling of data. In the process of anonymization, the tool is able to retain about 85 percent more of business insights compared to other contemporary methods like tokenization and masking, while also preventing the re-identification.
(Edited by : Anushka Sharma)
