Privacy tech startup Roseman Labs
raises 400K Euro in pre-seed round
Today, fast-growing Dutch privacy tech startup Roseman Labs announced that it has raised an investment of 400.000 euros in a pre-seed round. The money comes from angel investors. The investment will be used to further develop Roseman Labs' platform that enables organizations to collaborate on (privacy) sensitive data. The market for data collaboration technologies is growing very rapidly. According to McKinsey, connecting data across institutional and geographic boundaries creates three trillion dollars in economic value annually. A large part of that value cannot be unlocked because of confidentiality and privacy aspects. Roseman Labs' technology responds to this.
The so-called pre-seed round resulted in investments from, among others, Sanne Manders (COO Flexport), Gabe Monroy (CPO Digital Ocean), Machiel Resink (COO Fitforme), Joris van Mens (Group Product Manager Google), Matthijs Ingen-Housz (M&A Advocaat), Rob Wainwright (Partner Deloitte) and Ian Wachters (former senior partner BCG and current CCO Roseman Labs). They have been involved with Roseman Labs for some time and are jointly investing an amount of more than 400,000 euros.
In a rapidly digitizing world, companies and governments are increasingly realizing the importance of data collaboration. Whether it concerns the energy transition and the capacity shortage of the electricity grid, efficient health care or combating cybercrime, organizations shy away from collaborating on sensitive data due to lack of trust, security and fear of compliance issues. To help organizations, Roseman Labs developed the Virtual Data Lake (VDL). This allows organizations to link and analyze data files without underlying source data becoming visible outside their own organization.
A cryptographic technique called Secure Multi-Party Computation (MPC) is at the heart of the Virtual Data Lake. This technique enables analyses on shared data with unprecedented privacy guarantees. The application of MPC still requires deep cryptographic knowledge, but the company wants to use the investment to turn the VDL into a self-service product. In this way, collaborating on sensitive data becomes considerably safer and easier for companies and organizations in the healthcare, public and private sector. Interest in privacy technology has been increasing rapidly in recent years. For example, in 2022 the UN will focus the 'United Nations Privacy Enhancing Technology Lab' on "to make international data sharing more secure".
Co-Founder and CEO of Roseman Labs, Roderick Rodenburg: "I consider it a great compliment that these experienced investors, who have been involved with our company for some time, have confidence in our vision and our team. By using our privacy technology, data can be used that is not accessible with traditional techniques. This investment will help companies and organizations to tackle even more societal challenges themselves while privacy is guaranteed."
Gabe Monroy, formerly responsible for Confidential Computing at Microsoft: "Privacy preserving data analytics will make the difference in the coming years, because it creates new possibilities for analysis within existing legislation. Of the techniques I know, MPC offers the strongest privacy guarantees. Thanks to Roseman Labs' innovations, their solution also eliminates MPC's largest weakness: the required computing power."
Sanne Manders: "Roseman Labs' proposition is unique and offers an immediate solution to contemporary issues. There is large demand for solution, and this gives Roseman Labs significant growth potential. I am therefore pleased that together with the existing and new shareholders we have this opportunity to invest to accelerate the product development at Roseman Labs. "
About Roseman Labs
Roseman Labs, a CES 2022 Innovation Awards Honoree, was founded in 2020 in Breda, the Netherlands, with the goal of making modern privacy technologies, such as secure multiparty computation (MPC) broad, easy to apply and scalable. CTO Niek Bouman achieved a breakthrough in the field of computational performance, which means that this technology can now be robustly used on large amounts of data and in complex calculations such as machine learning.
Roseman Labs' launching customer was the Dutch National Cyber Security Centre (NCSC). As a result of the collaboration, the NCSC is now able to strengthen the picture of threats and incidents, without it being visible which participant from its network has provided the information. For grid operator Stedin, Roseman Labs developed a method to use smart meter data, without compromising the privacy of the user. Roseman Labs' solution is also used to protect informants in the fight against international human trafficking. In addition, Roseman Labs works with multiple healthcare providers on applications with patient data to achieve more effective care.