Cape Privacy Raises $5M in Seed Funding
NEW YORK, NY, Cape Privacy secures $5 million in seed funding.
Cape Privacy, a privacy platform for collaborative data science and machine learning, announces today the launch of its open source platform as it secures $5 million in seed funding. The funding was co-led by boldstart ventures and Version One with participation from Haystack, Radical, and Faktory Ventures. Cape Privacy helps enterprise companies maximize the value of their data by providing an easy-to-use collaboration layer on top of advanced privacy and security technology. It builds trust over time in and across organizations with encrypted data-sharing for industry advancement and social good.
Gavin Uhma Co-Founder/CTO at Cape Privacy said, "Cape Privacy was founded on the belief that intelligent products and services should protect our privacy by default. Today, data science and privacy are at odds. Regulations and consumer preferences are minimizing the collection, processing, and sharing of data. Meanwhile, machine learning can help us solve truly important problems, from healthcare to finance. With Cape Privacy, you can model and share privacy-enhanced data while maintaining trust."
Cape helps businesses better collaborate internally (e.g. risk, legal, compliance divisions in a bank) or with third-party vendors (e.g. an agency or outside law firm) and across organizations (even competitors such as major pharmaceutical firms) by enhancing the privacy of data.
Its software integrates into a customer's existing data science and machine learning infrastructure to provide a collaborative workflow that guides cross functional contributors to work together on projects and policies - saving weeks of meetings. Each company can decide where Cape's components are placed in relation to data storage and pipeline systems to ensure data access, privacy and monitoring successfully meet its unique requirements. Cape allows entities to set project-specific monitoring and auditing configurations to ensure all parties have the logs they need, and allows them to review and approve policies or propose policy changes with a few clicks from a single window/pane of glass. Overall, Cape Privacy brings teams together to make stronger decisions for safer and more powerful data science.
"Sharing more of your company's data to solve critical business problems, in a secure and trusted manner, is a clear competitive advantage," said Che Wijesinghe, CEO. "Enterprises are rapidly adopting machine learning and data science, in order to derive actionable business insights. However, data privacy represents one of the most challenging capabilities to enable this. With Cape's advanced privacy-enhancing technology, organizations can work together both internally and externally to define and manage how data is shared."
Ed Sim, Founder and Managing Partner, boldstart ventures said, "Governing disparate data in our tighter regulatory environment still feels like the Wild West to most companies. Businesses are desperate for technology that will help them leverage data appropriately and quickly. Cape Privacy stands out from other solutions because of its easy to use, collaborative platform powered by advanced cryptography and machine learning to ensure trust and data privacy - the use cases are limitless."
About Cape Privacy
Cape Privacy is an enterprise SaaS privacy platform for collaborative machine learning and data science. It helps companies maximize the value of their data by providing an easy-to-use collaboration layer on top of advanced privacy and security technology, helping enterprises increase the breadth of data included in machine learning models. Cape Privacy's platform is flexible, adaptable, and open source. It helps build trust over time providing for seamless collaboration and compliance across an organization or multiple businesses. The company is based in New York City and is backed by boldstart ventures and Version One with participation from Haystack, Radical, and Faktory Ventures.
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