Based in Switzerland and New York, Inpher offers data security and machine learning solutions. The startup has closed a series A financing round led by JPMorgan Chase & Co as a strategic investor. The funds will be used to accelerate growth across global markets and to expand its team for the EU market.
Inpher has pioneered an advanced cryptographic Secret Computing platform in which data remains protected while being processed. In addition to providing privacy-compliant analytics that address new laws, such as Europe's General Data Protection Regulation (GDPR), the software enables machine-learning models to be trained on distributed data sources without exposing any information.
"AI is only as smart as the information from which it learns. As these vital data-sources are increasingly sensitive and protected, a new computing paradigm, which puts privacy first becomes necessary. We are excited to partner with the visionary leadership of JPMorgan Chase and accelerate the emerging field of privacy-preserving machine learning," said Jordan Brandt, Chief Executive Officer of Inpher.
In the recent financing round, Inpher raised $10 million lead by JPMorgan Chase & Co, as a strategic investor. The investment highlights JP Morgan’s continued focus on data security and AI innovation, proving that privacy and data sovereignty can be maintained while generating value for the bank, its partners, and customers.
"Advances in data science and cryptography mean that we no longer have to accept the traditional trade-off between security, privacy and usability when handling data of any kind. Inpher is at the vanguard of this revolution, and the practical applications for this technology are almost endless, not just in financial services," said Samik Chandarana, Head of Data Analytics for the Corporate and Investment Bank at J.P. Morgan Chase.
Alongside JPMorgan, existing investors including Crosslink Capital, Bowery Capital and Alpana Ventures contributed to the round. The funds will be used to accelerate growth across global markets and meet the demand of Inpher's data-driven Fortune 500 customers as they face increasing pressure to ensure the security and privacy of their most valued asset.
Inpher has its offices in New York and Switzerland with a team of 14 employees of which eight are in Ecublens, Switzerland. A percentage of the investment will be used to hire engineers in Switzerland and to establish a sales office for the EU market.
(Press release/ran)
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