Decentriq secures USD 5 million from Silicon Valley Bank

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04.11.2022

Decentriq, a Swiss enterprise SaaS platform providing secure and compliant data clean rooms, closed a $5 million venture debt funding from Silicon Valley Bank UK. The start-up will use the funds to continue building the Switzerland of Data – a neutral ground for data collaboration, which is secure and confidential.

Decentriq’s platform enables companies to collaborate with external partners on sensitive datasets while enabling trust and privacy. Its 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, thus completely preserving data privacy and adhering to the strictest regulatory standards such as GDPR.

During the past 12 months, the start-up has achieved remarkable growth, highlighted by the growing number of customers, employees and accolades including Microsoft Switzerland’s Startup of the Year Award. Decentriq has engaged in multiple proof-of-concept projects and collaborations with insurance, banking, pharmaceutical, and publishing enterprises. Lately there have been collaborations with Decentriq with multiple media including Ringier and pharma companies – for example Roche.

In essence, Ringier can introduce knowledge about a certain customer that is only visible to the company itself into the data clean room. An advertising partner can do the same from their side. Machine learning is then used to compare patterns in the customers to find similarities and to decide on the importance of the characteristics. This results in a model that can be used to predict in which group a target audience is – without ever seeing any personal data. 

Roche is also exploring the possibilities of confidential computing for its pharmaceutical research: Hospitals can now provide data for instance for clinical studies while being sure that very sensitive patient data is only used in a specific way. 

The new funds from the Silicon Valley Bank UK enable Decentriq to continue the development of the data clean rooms. “We are very proud to receive Silicon Valley Bank’s trust and their support on our ambitions and helping us deliver our future growth plans”, comments the company in a blog post.

(Press release / SK)

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