A newly announced strategic investment is expected to boost a high-profile, pre-seed Kansas City startup’s bid to help enterprises harness the potential of sensitive data.
Terms of the deal between Dublin-based Accenture and TripleBlind were not disclosed Wednesday, but the investment by the global professional services firm marks a significant step forward for TripleBlind as it prepares to enter a big data and business analytics market that is projected to reach more than $500 billion by 2026, said Riddhiman Das, co-founder and CEO of TripleBlind.
“As that market grows, the pressure within enterprises to share data to uncover new revenue opportunities and gain competitive advantage will grow as well,” he said, describing the startup’s positioning within the space. “TripleBlind’s next-generation cryptographic, efficient and scalable data privacy and virtual clean room solution can replace ineffective workarounds like complex legal contracts, data anonymization or deidentification, and other technologies such as homomorphic encryption, while helping to avoid regulatory statutes and data residency violations.”
In short: the technology helps enterprises share sensitive information with their stakeholders more effectively — without ever decrypting the data.
“The investment was done after a thorough bake-off with all of our competitors,” said Das, noting TripleBlind is the youngest company to earn a direct investment by Accenture. “We beat all of them on our ability to operate at Fortune 500 scale, and perform all operations on any kind of data.”
“Organizations can yield valuable insights and unlock trapped value by combining and collaborating around large volumes and different types of data, but in order to do this they need to trust that the privacy of that data is protected,” said Shail Jain, global lead for the Data and AI Group at Accenture Technology. “We believe that TripleBlind not only has the capabilities to facilitate collaborative data exchanges, but to also give organizations confidence that data privacy remains intact.”
TripleBlind — founded in 2019 in Kansas City — is now part of Accenture Ventures’ Project Spotlight, an immersive engagement and investment program that targets emerging technology software startups to help the Global 2000-ranked firm embrace the power of change and fill strategic innovation gaps.
Click here to learn more about Accenture Ventures.
Through the program, TripleBlind is expected to co-innovate with Accenture at its Innovation Hubs, Labs and Liquid Studios, working with subject matter experts to bring its solutions to market more quickly and more effectively.
“Our investment in TripleBlind demonstrates Accenture Ventures’ commitment to cultivating the latest technologies, enhanced by human ingenuity, that solve for our clients’ most critical business needs,” said Tom Lounibos, managing director for Accenture Ventures. “We believe that TripleBlind offers our clients a key to enhancing data privacy while ensuring regulatory compliance – a major challenge in today’s environment.”
Click here to read a Q&A interview with Lounibos about the TripleBlind investment.