CryptoNumerics, an enterprise software company incorporated in May of 2018, has recently raised $3.3 million CAD in seed funding.
The financing was provided through multiple California-based venture capital firms including 11.2 Capital, Lux Capital and Silicon Valley Data Capital. CryptoNumerics plans on using the funding received to launch its new big data analytics tools as free and downloadable AI-powered systems.
Businesses can receive similar financing and even maximize their potential benefits with the help of EVAMAX.
The company was founded in 2018 by a group of five entrepreneurs with the aligned goal of ensuring data relevancy while preserving consumer privacy. Their initial intention was to harness data sets while still complying with regulations such as the HIPAA, GDPR, and other state-based procedures.
Throughout the year, members of the CryptoNumerics team worked out of an University of Toronto lab to develop its new artificial intelligence and machine learning-based products; CN-Protect and CN-Insights. The products were tailored to companies with large, privacy-sensitive data sets such as healthcare organizations and financial institutions.
In a time where the economy is more data-driven then ever before, privacy regulations are needed in order to de-identify and protect data. While these regulations are a necessity, they can often restrict a company’s ability to efficiently use data due to a reduction in quality and utility. CryptoNumerics designed their products to use advanced anonymization techniques to both protect data and retain data utility.
Their software comes at a beneficial time in which there is a need for data to be accessible and accurate in a way that does not compromise privacy. The market for big data analytics is growing and has the potential to be a billion-dollar market, according to CryptoNumerics employee Hassan Bhatti.
Regarding the seed funding received, CryptoNumerics has plans to distribute this among different areas of their business operations. A large portion of the financing will be used to hire and expand their engineering as well as R&D teams.
In such a competitive industry, CryptoNumerics has realized that it is crucial to equip their employees with more capabilities in order to succeed in their given market.
Their goal is to deter concerns around privacy due to imperfections in artificial intelligence and machine learning. On top of that, funding will also be used to grow their marketing strategy and sales pipeline when they bring their big data analytics tools to market. Financing is needed to scale their products and expand alongside the trends of the industry.
As stated previously, CryptoNumerics aims to mitigate regulations and restrictions on data by creating privacy-protected data sets without compromising personal privacy. With big data analytics tools like CN-Protect, they enable a company’s ability to preserve analytical data, ensure privacy with minimal amounts of code, measure quantifiable risk, and streamline compliance processes.
Companies who are innovating and adapting in accordance with the trends of their industry, like CryptoNumerics, find themselves at the forefront of their respective market.
If your company is partaking in activities seeking technological advancement or modernization, EVAMAX can assist you in identifying and maximizing your entitled benefits. Schedule an appointment with one of our grants/funding experts.