I’m excited to announce that Devron has raised an oversubscribed $12M Series A round led by Tiger Global! This capital event comes approximately 14 months after a $3M Series Seed round led by Fintech Collective, along with Afore Capital, Essence VC and a number of strategic angels. Founded in 2020, our story began when the founding team saw major challenges in realizing the value from AI due to lack of access to data across the U.S Intelligence Community, and Financial Services/FinTech Sector.
Organizations are increasingly gathering and producing greater volumes of more sensitive information that is used to create purchasing recommendations, to underwrite loans and to identify fraud. I founded Devron with the goal of enabling enterprise organizations to do the same without compromising privacy but also accessing much more data. We envision a world where consumers can enjoy the recommendations web and mobile products provide to them, without hesitating to give their private information. Privacy technologies have become more readily available in the last decade with the increase in compute at the point of data collection. But at the time we started, the industry lacked a managed, enterprise-ready platform to enable data science on multiple distributed databases, without replicating or moving data.
We have assembled a diverse set of experienced leaders from top PhD/Masters and Postgraduate programs along with the CIA and top banks to build an enterprise-ready data science platform for distributed data. We’re excited to partner with leading investors that have a breadth of experience in enterprise software, navigating the creation of new product categories, and recruiting top talent.
We are seeing adoption by top U.S Government Agencies and Fortune 100 customers, which are using the product to enable faster access to their distributed data without needing to anonymize or create anything synthetically. We have partnered with the best investors who believe machine learning is in its infancy - and are focused on solving full-cycle data science challenges without compromising privacy.
But don’t take our word for it. Our newest partner, John Curtius, Partner at Tiger Global, said it best: “Devron's technology addresses key hurdles preventing companies from more easily and more securely gaining access to data, sharing data between organizations, and making effective use of AI.”