LiveRamp is Acquired DataFleets, A fresh young startup that made it possible to leverage large versions of encrypted data without the risk or nuisance of decrypting or transferring. Enterprise data connectivity platform LiveRamp paid more than $ 68 million for the company, a huge multiple DataFleet’s $ 4.5 million seed Just announced last fall.
DataFleets analyzed the growing need for sensitive data such as medical or financial records and used machine learning models. Not only are such databases heavy and complex, making the transfer difficult, but allowing them to be decrypted and used elsewhere opens up the doors for errors, misuse and hacks.
The company’s solution must essentially have software on both sides of the equation, acting between a data provider (perhaps a hospital or bank) and a customer (an analyst or AI developer), and secure go-between. Not for sensitive data itself, but for systems of analysis and machine learning models that wanted to be set loose on client data. This allows the customer to perform an automated task on the data, such as harvesting and comparing values or building an ML model, without direct access to it.
Apparently this approach was valuable to LiveRamp, which provides a number of data connectivity services for major enterprise customers, indeed household names. He announced in his earnings statement last night that he had paid $ 68 million for DataFlates, though the price does not reflect various other incentives and deferred payments that include many such deals, and in this case became private. Is likely to remain.
The deal will probably take place in the retirement of the DataFleets brand (young as it was), but their various customers will likely travel to LiveRamp. The most recent of them is HCA Healthcare, a major national provider that has just announced the COVID-19 data sharing consortium that will use the services of DataFleets. This is a very powerful validation for the commercialized approach late last year, and is a good catch for LiveRamp to add to its healthcare customer collections.
For its part, LiveRamp plans to use its augmented services to expand its operations and offerings in Europe, Asia and Latin America in the coming year. The company has also called for a federal data privacy law, Something that it hopes will be achieved under the new administration.