Right now, a colossal amount of data is being generated (sensitive and personal) through various means including smartphones, IoT devices, connected cars, and more. But due to proprietary or privacy interests, data for tackling essential problems including COVID-19 and climate change can be limited and difficult to access.
Here comes Apheris, a deep tech company that enables enterprises to collaborate and analyse data securely — without compromising privacy. The Berlin-based company has built a privacy-preserving data ecosystem using cutting-edge technologies created by a team of world-class researchers at the intersection of data privacy, cryptography, and computational sciences.
Recently, the company raised €2.5 million funding led by UK-based seed investor LocalGlobe, with Dig Ventures, the family office of MuleSoft Founder, Ross Mason, and Patrick Pichette, former CFO of Google and current board chairman for Twitter. Other investors include another.vc, System.One, and angel investors Charles Songhurst, NaturalMotion founder Torsten Reil, and Songkick founder Ian Hogarth also participated.
Aims to address new industry use cases
The deep tech company is planning to use the funding to grow the company, hire world-class talent in engineering, R&D data scientists, and customer success, and address new industry use cases. The German company has raised more than €3.7m, including a StartupSecure research grant from the German Federal Ministry of Education and Research for €750,000.
Robin Röhm, Apheris CEO and co-founder commented, “What this year has crystallised is that the world’s largest problems – from fighting pandemics and disease spread to developing life-saving drugs and reducing climate change – require collaborative efforts to solve. Access to the right data should not be the limiting factor in finding solutions and accelerating R&D and innovation. Apheris is the solution to enabling new ways to solve the complex problems of our time without sacrificing privacy or security.”
Uses cutting-edge technologies
Apheris’s cutting-edge technologies and techniques include decentralised computing, federated learning, and cryptographic protocols to preserve privacy and protect data in environments with zero or low trust.
As per the company claims, international customers are using the platform for drug discovery, new product R&D, and supply chain optimisation to improve business processes, put new products into production, accelerate innovation, and unlock new insights from data.
Ross Mason, the founder of MuleSoft and Dig Ventures, stated, “Enterprises are sitting on treasure troves of data that cannot be leveraged because it’s been an impossible task to open up data to third-party companies without losing data or diminishing its value. Apheris is taking a novel approach to data collaboration, allowing data to be shared with partners with zero trust, enabling collaboration without giving up or compromising the data.”
Founded by three-time collaborators Robin Röhm and Michael Höh in January 2019, Apheris is based in Berlin and is a team of ten PhDs, data scientists, and engineers, each an expert in their field. Notably, the company is already profitable, working with leading pharmaceutical, chemical, telecommunications, and manufacturing companies.
Julia Hawkins, Partner at LocalGlobe, added, “Apheris is committed to building the next big tech company and has the ambition and team to do it. With its team of global experts in cutting-edge data science, cryptography, and privacy, Apheris has the potential to be the new standard for data collaboration that preserves privacy and security while enabling new insights and innovation.”
Main image credits: Apheris
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Based out of Tel-Aviv, Bambi Dynamics allows insurers and mobility service providers to offer their customers user-friendly digital insurance products covering existing and future mobility models. Recently, the company has secured $ 6 million (approx €5 million) in funding to expand its global offering.
Led by MS&AD Ventures
The funding round was led by MS&AD Ventures, the venture capital arm of Japan’s largest insurance and financial services provider MS&AD Insurance Group, and included existing investor The Phoenix Insurance Company Ltd. (The Phoenix), one of the largest insurance companies in Israel.
“The digital revolution is sweeping industries across the board, and the insurance industry is no exception,” said Moshe Pinto, CEO, and Co-Founder of Bambi Dynamic. “We are honored to have secured funding from MS&AD Ventures and The Phoenix and to have partnered with The Phoenix to help catalyze the growing shift from legacy auto insurance to the next generation of customer-centric products for insurance and mobility companies.”
Bambi Insurance Platform
‘Bambi Insurance Platform’ (BIP) enables insurers and mobility service providers to offer easy-to-use digital products covering existing and future mobility models, including personal and commercial vehicle insurance.
With the flexibility to connect with multiple data providers and connectivity devices, the Israeli company provides personalised premiums based on individual user data, including driver safety scores, on-demand activation and deactivation, and time or distance driven – even with shared or multi-use vehicles.
Partnership with The Phoenix
For its global launch, Bambi has partnered with The Phoenix to expand its existing product suite and bolster its competitive edge in the evolving mobility insurance landscape.
As the first product under the partnership, ‘The Phoenix Drive’ — a pay-as-you-go, private vehicle insurance solution — was recently launched. It provides personalised features specific to BIP capabilities — premium payments per distance driven; the ability to replace, add, or delete drivers on-demand each with adjusted premiums; tracking of driving information for the primary driver, as well as occasional drivers; premium rates adjusted to personal motorist characteristics; and at-a-click policy management, renewal or termination.
The usage-based insurance (UBI) product, powered by BIP, includes a web/mobile onboarding sales and underwriting portal for direct customers and insurance agents, back-office interfaces for the insurer, and a mobile app for consumers, among other components.
“Bambi’s team of veteran entrepreneurs has really impressed us,” said Jon Soberg, Managing Partner of MS&AD Ventures. “We believe the Bambi Insurance Platform’s focus on the modern mobility environment is laying the groundwork to build a multitude of digitized, personalized, and scalable products for P&C insurance.”
Offers modular suits covering mobility insurance value chain
On top of that, BIP provides a modular suite that covers the entire mobility insurance value chain, from underwriting, policy management, and actuary handling to the first notice of loss in claims. It is built for customisation and integration into the IT systems of insurance companies, and for embedded insurance into the apps of original equipment manufacturers (OEM’s) and Mobility-as-a-Service (MaaS) providers such as ride-sharing, ride-hailing, car-sharing, e-scooters, and delivery.
“Phoenix Insurance is the leading insurance company in Israel. We are constantly developing cutting-edge Insurtech technologies for the benefit of our clients and the business environment. Bambi’s technology enables us to offer our customers game-changing personal and commercial auto insurance products and provides us with a competitive advantage for meeting the complex technological and logistical needs insurers must adapt to address the ever-evolving mobility ecosystem,” said Ron Shvili, Executive VP, Chief Technology, Information systems and Innovation Officer at The Phoenix Insurance Company Ltd. “We are excited to offer ‘The Phoenix Drive’ as our first product in partnership with Bambi to help improve the experience of our customers with a personal auto insurance product that is user-friendly, personalized and cost-effective.”
Main image credits: Bambi Dynamics
The post Israeli startup Bambi Dynamics offering digital insurance draws €5M funding appeared first on Silicon Canals .
According to data pipeline startup Hevo, many small- to medium-sized companies juggle more than 40 different applications to manage sales, marketing, finance, customer support and other operations. All of these applications are important sources of data that can be analyzed to improve a company’s performance. That data often remains separate, however, making it difficult for different teams to collaborate.
Hevo enables its clients’ employees to integrate data from more than 150 different sources, including enterprise software from Salesforce and Oracle, even if they don’t have any technical experience. The company announced today that it has raised an $ 8 million Series A round led by Singapore-based venture capital firm Qualgro and Lachy Groom, a former executive at payments company Stripe.
The round, which brings Hevo’s total raised so far to $ 12 million, also included participation from returning investors Chiratae Ventures and Sequoia Capital India’s early-stage startup program Surge. The company was first covered by TechCrunch when it raised seed funding in 2017.
Hevo’s Series A will be used to increase the number of integrations available on its platform, and hire sales and marketing teams in more countries, including the United States and Singapore. The company currently has clients in 16 markets, including the U.S., India, France, Australia and Hong Kong, and counts payments company Marqeta among its customers.
In a statement, Puneet Bysani, tech lead manager at Marqeta, said, “Hevo saved us many engineering hours, and our data teams could focus on creating meaningful KPIs that add value to Marqeta’s business. With Hevo’s pre-built connectors, we were able to get data from many sources into Redshift and Snowflake very quickly.”
Based in Bangalore and San Francisco, Hevo was founded in 2017 by chief executive officer Manish Jethani and chief technology officer Sourabh Agarwal. The two previously launched SpoonJoy, a food delivery startup that was acquired by Grofers, one of India’s largest online grocery delivery services, in 2015. Jethani and Agarwal spent a year working at Grofers before leaving to start Hevo.
Hevo originated in the challenges Jethani and Agarwal faced while developing tech for SpoonJoy’s order and delivery system.
“All of our team members would come to us and say, ‘hey, we want to look at these metrics,’ or we would ask our teams questions if something wasn’t working. Oftentimes, they would not have the data available to answer those questions,” Jethani told TechCrunch.
Then at Grofers, Jethani and Agarwal realized that even large companies face the same challenges. They decided to work on a solution to allow companies to quickly integrate data sources.
For example, a marketing team at a e-commerce company might have data about its advertising on social media platforms, and how much traffic campaigns bring to their website or app. But they might not have access to data about how many of those visitors actually make purchases, or if they become repeat customers. By building a data pipeline with Hevo, they can bring all that information together.
Hevo is designed to serve all sectors, including e-commerce, healthcare and finance. In order to use it, companies sign up for Hevo’s services on its website and employees enter their credentials for software supported by the platform. Then Hevo automatically extracts and organizes the data from those sources and prepares it for cloud-based data warehouses, such as Amazon Redshift and Snowflake. A user dashboard allows companies to customize integrations or hide sensitive data.
Hevo is among a roster of “no code, low code” startups that have recently raised venture capital funding for building tools that enable non-developers to add features to their existing software. The founders say its most direct competitor is Fivetran, an Oakland, California-based company that also builds pipelines to move data to warehouses and prepare it for analysis.
Jethani said Hevo differentiates by “optimizing our product for non-technical users.”
“The number of companies who need to use data is very high and there is not enough talent available in the market. Even if it is available, it is very competitive and expensive to hire that engineering talent because big companies like Google and Amazon are also competing for the same talent,” he added. “So we felt that there has to be some democratization of who can use this technology.”
Hevo also focuses on integrating data in real-time, which is especially important for companies that provide on-demand deliveries or services. During the COVID-19 pandemic, Jethani says e-commerce clients have used Hevo to manage an influx in orders as people under stay-at-home orders purchase more items online. Companies are also relying on Hevo to help organize and manage data as their employees continue to work remotely.
In a statement about the funding, Qualgro managing partner Heang Chhor said, “Hevo provides a truly innovative solution for extracting and transforming data across multiple data sources–in real time with full automation. This helps enterprises to fully capture the benefit of data flowing though the many databases and software they currently use. Hevo’s founders are the type of globally-minded entrepreneurs that we like to support.”