Over 53 million people were affected by data compromises in the first half of 2022 in the US alone. Personal data isn’t safe, even inside an encrypted vault.
Private AI’s solution gets to the root of the problem by identifying, removing, and replacing personal data with an unparalleled level of accuracy. With $8 million secured in Series A funding, they have begun expanding their operations across Europe and investing in product enhancements, such as the forthcoming self-service platform.
Private AI uses state-of-the-art AI to detect, redact and replace over 50 types of Personally Identifiable Information (PII) in over 47 languages. “We have built a privacy layer for software that can easily integrate into any environment with just three lines of code,” says Patricia Thaine, Co-Founder and CEO of Private AI. “We are expanding it for all types of data across all use cases.”
Uniquely, Private AI’s solution is deployed within the customers’ own environment, meaning their data never has to be transferred to a third-party data processor. The product covers data protection regulations such as GDPR, CPRA, and HIPAA.
Compromised personal data leads to not only hefty fines but also substantial reputational damage. Instagram was recently fined almost $400 million for violating GDPR regulations. Meta faced the biggest wipeout in stock market history, given their continuous breaches of user privacy and trust and the blow to their bottom line dealt by Apple’s new privacy features.
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“While it’s important to a company to be able to leverage the value of their data, the protection of personal data is a core component of complying with most data protection regulations,” says Thaine. “That’s why we enable replacing the original personal data with contextually correct synthetic data, allowing safe, compliant data analytics and modelling.”
Private AI’s privacy layer also plays a significant role in cybersecurity. “With our solution, even when a data breach happens, all unnecessary personal data is identified and removed. That way, it is no longer there for bad actors to discover,” says Pieter Luitjens, Co-Founder and CTO of Private AI.
SOURCE: PR Newswire