Kansas City-based TripleBlind Inc. has raised a $24 million Series A round led by the Mayo Clinic and venture capital firm General Catalyst.
Two area investors participated in the oversubscribed raise — Flyover Capital and KCRise Fund — as well as AVG Basecamp Fund, Accenture Ventures, Clocktower Technology Ventures, Dolby Family Ventures, NextGen Venture Partners and Wavemaker Three-Sixty Health. The raise comes on the heels of TripleBlind’s $8.2 million seed round announced in March.
For TripleBlind, the round signifies the rising interest in its technology from a variety of industries. Its technology allows enterprises to securely share regulated and private data, without decrypting it or introducing additional risk and liabilities. It also adheres to regulatory standards such as HIPAA and GDPR.
“When we launched last November, the primary interest in TripleBlind’s solution was among health care organizations, to more effectively share data while enforcing HIPAA and GDPR,” TripleBlind co-founder and CEO Riddhiman Das said in a release. “Today, interest has grown exponentially, and now includes leaders in financial services, media and telecommunications, energy and many other industries where sharing data assets is critical to sustained, long-term growth. The strong interest from our current and new investors highlights the growing market need for data privacy solutions that are both effective and efficient.”
Venture capital firm General Catalyst invests in “powerful, positive change that endures.” Some of its past investments have included Livongo, Warby Parker, HubSpot and Grammarly. It views itself as “player coaches” that can help companies scale and remain sustainable, according to its website. As part of the round, General Catalyst will add an observer to TripleBlind’s board.
In the release, General Catalyst Managing Director Quentin Clark described TripleBlind as an “incredible platform for empowering companies to collaborate on data while preserving privacy, data rights and intellectual property.” It’s particularly meaningful in health care, which can be fragmented, he said.
Dr. John Halamka, president of Mayo Clinic Platform, echoed his sentiment. He joins TripleBlind’s board as an observer.
“Bringing together AI algorithms and data in ways that preserve privacy and intellectual property is one of the keys to delivering the next generation of digital medicine,” Halamka said in the release. “These novel privacy-protected solutions promise to usher a new era of collaboration.”
TripleBlind started working with the Mayo Clinic last year and helped it secure third-party EKG and genetic data for developing, validating and deploying algorithms. TripleBlind now is helping Mayo Clinic with a broader set of algorithms and data from departments such as cardiology and pathology. The algorithms could be used for diagnosing diseases earlier in a patient and detecting patterns that humans can’t see.
