Wed, 23/07/2014 - 12:03
Privacy Analytics has raised USD3.5 million in a round led by Vanedge Capital, a Vancouver-based venture capital fund.
Vanedge joins the BDC IT Venture Fund and the Ontario Institute for Cancer Research (OICR) as the primary investors in Privacy Analytics.
V. Paul Lee, managing partner for Vanedge, will join the company’s board of directors.
The funds will be used to increase Privacy Analytics sales and marketing efforts, as well as bolster development of its PARAT software product line.
“We are thrilled to be working with Paul and Vanedge, whose team brings deep expertise to help our company grow and scale,” says Khaled El Emam, founder and CEO, Privacy Analytics. “The funding enables us to accelerate building richer functionality into our PARAT product line, while expanding our efforts to enable companies to manage and govern the privacy and sharing of big data in healthcare and financial sectors.”
“We believe Privacy Analytics is well situated to become the de facto standard for automated risk-based anonymization in healthcare and other industries,” says Lee. “As organisations gather more data, they’ll need enterprise solutions to manage and monetise sharing of information to avoid the costly breaches of personal information that have dominated the media as of late. In Khaled we have a world-leader in privacy and someone who can make privacy solutions accessible to all industries.”
Founded in 2007, Privacy Analytics was formed at the University of Ottawa, where its software, PARAT, was incubated and patented from research conducted at the Children’s Hospital of Eastern Ontario’s Research Institute. The company’s customers represent half of Fortune 50 healthcare companies, as well as leading academic and research organisations, such as The Center for Clinical Excellence at Mount Sinai in New York City and the Better Outcomes Registry and Network (BORN) Registry in the province of Ontario.
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