Businesses that help with GDPR compliance are drawing the interest of big investors.
The UCL Technology Fund has invested £340,000 in Anon AI, a data anonymization software developer, in a pre-seed funding round in partnership with the London Co-Investment Fund (LCIF), AI Seed and Ascension Ventures.
The fund is associated with University College London, and managed by Albion Capital in collaboration with UCL Business.
Anon AI is developing software to automate data anonymization. The objective is to help developers and data scientists share data securely in compliance with GDPR, UCL says.
The investment will help the firm enhance its prototype model.
UCL’s Fintan Nagle will work with Anon AI to build the software’s neuro-linguistic programming capabilities.
The team will be led by Harry Keen, CEO of Anon AI and James Arthur CTO.
The UCL Technology Fund was launched in 2016 to support academics doing research with commercial potential. This is its fourth investment.
“Organizations are drowning in data and will face extensive compliance requirements once GDPR comes into effect next year,” states David Grimm, investment manager, UCL Technology Fund.
He adds, “Anon AI addresses the dual challenge of maintaining the security of mass personal data and preserving innovation. Its experienced team and cutting edge AI software give it an excellent opportunity to take an industry leading position in a market which stands at £30m+ in the financial services industry alone.
News reports describe the UCL Technology fund s a £50 million fund.