NEW YORK, Nov. 2, 2018 /PRNewswire/ -- JPMorgan Chase & Co has made a strategic investment in Inpher, Inc., a global data security and analytics company based in New York and Switzerland. The $10 million Series A financing includes existing investors Crosslink Capital, Bowery Capital and Polytech Ecosystem Ventures.
Inpher has pioneered an advanced cryptographic Secret Computing® platform in which data remains protected while being processed. In addition to providing privacy-compliant analytics that address new laws, such as Europe's General Data Protection Regulation (GDPR), the software enables machine learning models to be trained on distributed data sources without exposing any information.
"AI is only as smart as the information from which it learns. As these vital data sources are increasingly sensitive and protected, a new computing paradigm which puts privacy first becomes necessary. We are excited to partner with the visionary leadership of JPMorgan Chase and accelerate the emerging field of privacy-preserving machine learning," said Jordan Brandt, Chief Executive Officer of Inpher.
This investment and collaboration underscores J.P. Morgan's continued focus on data security and AI innovation, proving that privacy and data sovereignty can be maintained while generating value for the bank, its partners, and customers.
"Advances in data science and cryptography mean that we no longer have to accept the traditional tradeoff between security, privacy and usability when handling data of any kind. Inpher is at the vanguard of this revolution, and the practical applications for this technology are almost endless, not just in financial services," said Samik Chandarana, Head of Data Analytics for the Corporate and Investment Bank at J.P. Morgan Chase.
Funds from this financing will be used to accelerate growth across global markets and meet the demand of Inpher's data-driven Fortune 500 customers as they face increasing pressure to ensure the security and privacy of their most valued asset.