London-based AI startup Hazy has raised an additional $1.8 million seed funding.This brings Hazy’s total seed funding to $2.8 million following a $1 million investment from M12 and Notion in May, after Hazy was declared the European winner of global startup competition Innovate.AI.
The round was led by UCL Technology Fund, alongside Nationwide Building Society, Pentland, Amadeus Capital Partners, AI Seed and other investors.
Hazy, founded less than 18 months ago, was spun out of UCL (University College London), and raised £340,000 pre-seed in October 2017 in a round led by the UCL Technology Fund, which is managed by Albion Capital in collaboration with UCLB.
The startup enables ethical, effortless and GDPR-compliant data sharing for responsible businesses,.
Its online platform is the only product on the market to allow businesses to share data responsibly and securely through a workflow tool that automatically anonymises and adapts to changing datasets. Hazy’s artificial intelligence engine is able to seek out and anonymise personal data buried in datasets, ensuring companies stay fully GDPR-compliant when sharing data. Businesses using Hazy’s tool can confidently reassure customers that their data is being handled legally, securely and anonymously.
GDPR legislation means that use of an anonymisation tool like Hazy has become essential for businesses looking to share data for development and analysis or retain for future applications. The company has already launched its initial product, which allows businesses to share data securely under GDPR-compliant legal agreements, and will use the new funding to develop its automated data-anonymisation tool that will be able to optimise privacy for each use case.
Unlike its competitors, which target enterprises with bespoke solutions, Hazy is a cloud-based platform that requires no technical integration. As such, it is suitable for a range of businesses, from small companies to large multinationals. Despite being little more than a year old, the company is already working with customers ranging from startups to international banks and the UK government. Hazy projects that the global market for data liquidity could grow to as much as $3 trillion as companies look to ensure data compliance.
Hazy counts a number of the world’s leading artificial intelligence experts on its board, and was founded by Harry Keen, an experienced engineer, alongside James Arthur, the former CTO & co-founder of Opendesk, and Dr. Fintan Nagle, a visual neuroscientist at UCL specialising in machine learning and statistical modelling.