November 01, 2012
Privacy Analytics, leading experts in protecting the privacy of personal data used for analysis and research, announced it closed a venture capital investment from the BDC IT Venture Fund and the Capital Angel Network. The funds will be used to ramp up sales and marketing efforts in a rapidly growing market. Commercial organizations, academia, and government are now encountering significant privacy concerns managing the large amounts of personal data being held in their databases. Increasingly, companies in the healthcare, consumer and the financial services industries, as well as government departments, are concerned about the risk of personal information being inadvertently disclosed. Program in the United States); the Better Outcomes Registry and Network of Ontario, which is one of the largest birth registries in the world; and Heritage Provider Network for which Privacy Analytics de-identified the data being used in their Heritage Health Prize Competition. Other commercial clients include some of the largest companies in the pharmaceutical and medical devices industry, health IT vendors and the insurance industry.
The Privacy Analytics solution offers organizations a number of benefits:
“In today’s world of increasing available personal data, businesses cannot afford to ignore protecting the valuable, sensitive data they have been entrusted with,” says Ron Warburton, managing partner at the BDC IT Venture Fund. “De-identifying data is not as trivial as it sounds – you can pretty much identify a large percentage of the US population with just a zip code and birth date...Privacy Analytics helps companies in the health, consumer Internet, and financial industries protect the privacy of personal data used for analysis and research. Our solutions allow secondary users of personal information to have high quality, de-identified data suitable for the most complex analytics while still meeting the most stringent legal, privacy and compliance regulations. Privacy Analytics works with some of the largest research organizations, pharmaceutical, healthcare and insurance providers in North America and our software has been used to de-identify more than 100 million records. The BDC IT Venture Fund is a Canadian venture capital fund with partners in Toronto, Montreal, Vancouver, and Ottawa. We actively invest in early stage IT companies with passionate entrepreneurs who think big and will disrupt existing industries or create entirely new markets. Entrepreneurs come first and we use our broad network and operational backgrounds to help companies grow into global leaders. We lead the majority of our investments, which are typically early stage start-ups (late seed and series A) focused on Enterprise, Internet, or Mobile.