The FINANCIAL — Accenture (NYSE: ACN) has made a strategic investment, through Accenture Ventures, in TripleBlind, a data privacy and virtual clean room solution provider.
Sharing and extracting insights from sensitive data, such as patient records or tax returns can help accelerate cures for diseases or reduce financial crimes yet concerns around data privacy and governments regulations have prevented many companies from identifying these insights to date. TripleBlind helps enterprises share sensitive information with their stakeholders more effectively – without ever decrypting the data, helping them comply with regulatory requirements.
“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 Data & AI Group for 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 is now part of Accenture Ventures’ Project Spotlight, a deeply immersive engagement and investment program that targets emerging technology software startups to help the Global 2000 embrace the power of change and fill strategic innovation gaps. Project Spotlight offers extensive access to Accenture’s deep domain expertise and its enterprise clients, to help startups harness human creativity and deliver on the promise of their technology. Through the program, TripleBlind will 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.
“The global market for big data and business analytics is projected to reach more than $500 billion by 2026. As that market grows, the pressure within enterprises to share data to uncover new revenue opportunities and gain competitive advantage will grow as well,” said Riddhiman Das, co-founder and CEO of TripleBlind. “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. Accenture Ventures’ investment and our participation in its Project Spotlight program will advance and accelerate our ability to help enterprises harness the potential of sensitive data.”
Tom Lounibos, managing director, Accenture Ventures, added, “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. We believe that TripleBlind offers our clients a key to enhancing data privacy while ensuring regulatory compliance — a major challenge in today’s environment.”
TripleBlind is the latest addition to the investment portfolio of Accenture Ventures, which is focused on investing in companies that create or apply disruptive enterprise technologies.
Terms of the investment were not disclosed.