Kansas City-headquartered TripleBlind’s technology offers cryptographically-based privacy for data and algorithms, which allows organisations to share private, sensitive data without it being decrypted and while meeting regulatory standards including GDPR.

The company launched in November 2020, initially working with clients in the healthcare sector to share data.

Riddhiman Das, co-founder and chief executive at TripleBlind, said: “Today, interest has grown 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.

Das added: “The strong interest from our current and new investors highlights the growing market need for data privacy solutions that are both effective and efficient.”

The funding follows a pre-seed raise of $8.2m announced in March this year. Accenture invested in TripleBlind in 2020.

As part of the investment, John Halamka, president of Mayo Clinic Platform, joins TripleBlind’s board as an observer.

Halamka said: “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. These novel privacy-protected solutions promise to usher a new era of collaboration.”