Privacy concerns are nothing new. But in a connected age the stakes seem higher, and so do the risks. New York City-based Anonos wants to change that, by offering companies the opportunity to achieve their data-driven goals, while still adhering to privacy regulations.
On Thursday, Anonos announced it closed $12 million in growth capital from Princeton-based Edison Partners. The company said it intends to use the funding to bolster its Privacy Rights Management platform and its adoption.
Anonos uses non-identifying versions of personal data by replacing direct identifiers – like your name, date of birth or email address – and indirect identifiers – your gender or geographic location, for example – with unique de-identifiers to prevent data from being attributed to an individual without their permission. Anonos said, this allows companies to use, combine and share data while still toeing the line of compliance with the EU General Data Protection Regulation, California Consumer Privacy Act and proposed federal U.S. privacy laws.
“Similar to how iTunes and Netflix on behalf of publishers use Digital Rights Management to control use of music and movies, Privacy Rights Management introduces businesses to data protection by design and by default to control the use and sharing of personal data,” said Anonos co-founder and Chief Executive Officer Gary LaFever in a prepared statement.
The platform can also work in reverse, Anonos said, for “lawful authorized purposes,” to reconnect de-identifiers and disparate data back to a particular person.
“With Anonos, we’ve reconciled the fundamental tension between data privacy and data value. Business leaders, data scientists and data privacy leaders who have historically faced the either-or choice of being compliant or having highly accurate data available for decision-making can now have both,” said Anonos co-founder and President Ted Myerson. “We’re thrilled to have Edison Partners’ and Partner Daniel Herscovici backing Anonos as we expand the availability of our platform globally to foster data-driven innovation in a privacy-respectful way.”
Anonos has been issued seven patents and, according to the company, has more than 70 pending.