Decentriq raises USD 3.8 million to drive international growth and widen client base

20.10.2020 12:00, Isabelle Mitchell

Decentriq, the enterprise data security expert, raised a USD 3.8 million seed round, led by btov Partners, with significant participation from Paladin Capital Group and existing investor Atlantic Labs. The investment is intended to drive international growth and to widen the client base. Zurich-based Decentriq minimizes the time and costs for enterprises to establish and maintain sensitive data ecosystems, e.g., when two entities want to share data. Decentriq is one of this year’s Venture Leaders Mobile.

Decentriq’s cloud-based platform enables enterprises to access sensitive data—which falls under GDPR or is strategically important—in a confidential and protected environment. Organizations can also apply external machine learning models to their internal datasets. This enables organizations to manage, analyze, and share their data within minutes, without needing to trust a third party, and in compliance with privacy requirements, as the data is also encrypted while being in use.

Maximilian Groth, co-founder and CEO of Decentriq and Venture Leader Mobile 2020, explained, “Before Decentriq, if an organization wished to initiate a data partnership and build up an analytics ecosystem, it would usually take months. Say a bank and an insurance company decided to partner and offer products based on their combined datasets, it involves multiple parties, such as the Data Privacy Officer (DPO) and Chief Information Security Officer (CISO), while a machine learning-enabled infrastructure would be required to handle analytics. Setting this up is time-consuming and very expensive. Decentriq’s fast deployment platform has compliance with privacy requirements built in. It saves hours of work for enterprises and decreases operating costs, and therefore supports DPOs, CISOs and Chief Data Officers. Our customers can focus on creating value from their data.”

Groth added, “We’re excited to continue our growth with the backing of respected investors btov and Paladin. Their support allows us to expand internationally while growing our client base within and beyond the financial services and healthcare industries.”

“Data is the essential raw material of the 21st century, and sophisticated machine learning-driven analytics unlock tremendous value from these assets”, said Andreas Goeldi, partner at btov Partners and TOP 100 Swiss Startup Award jury member. “Decentriq’s solution enables unprecedented collaboration between corporations, sharing cutting-edge models and highly confidential data for the first time in a fully secure way.”