Cape Privacy, the global encrypted learning platform, has announced it has raised $20million in Series A financing to help accelerate growth. Cape’s platform allows companies to collaborate on machine learning models through encrypted learning without compromising proprietary or confidential data.
The round was led by Evolution Equity Partners with participation from new investors Tiger Global Management, Ridgeline Partners and Tom Noonan of Downing Lane, together with existing investors boldstart ventures, Version One Ventures, Haystack, Radical Ventures and Snyk executive Jevon MacDonald. Additional investment came from Coinbase co-founder and board member Fred Ehrsam, former Looker Data co-founders and executives Ben Porterfield and Keenan Rice, and Partners of Sand Hill East (former Financial Services C-level executives including Andy Brown and Roseann Palmieri).
“Over the past year, we have seen growing demand from financial institutions who want to enrich their machine learning models through external data sources including retail and credit card companies. Gaining access to this proprietary data can provide financial services firms with a competitive edge. However, all parties need to ensure the privacy of their own data. Thanks to Cape’s encrypted learning platform, data scientists within and across multiple organisations can now securely collaborate on model development. Better data means better business outcomes,” said Ché Wijesinghe, CEO, Cape Privacy. “This Series A round of funding is a significant company milestone as we continue to innovate a necessary standard for secure machine learning and data privacy.”
Cape Privacy’s unique formula of advanced cryptography and machine learning enables collaboration on data without ever exposing it. The Cape Encrypted Learning Platform enables an external data source to send encrypted data between multiple parties securely. Cape is able to process that data without ever decrypting it. Subsequently, only the enriched model output can be decrypted and leveraged by a Cape user.
“Cape Privacy’s mission to realise the full potential of data science and machine learning through encrypted learning will have far-reaching impact,” said Richard Seewald, Founding and Managing Partner, Evolution Equity Partners. “The application in Financial Services is only the beginning. Cape has big plans in life sciences and government where machine learning will help make incredible advances in clinical trials and counter-terrorism for example. We anticipate wide adoption of Cape’s technology across many > use cases and industries.
Previously, Cape raised a $5million seed round in 2020 led by bold start ventures and Version One with participation from Haystack, Radical, and Faktory Ventures.