Private AI

Private AI uses natural language processing (NLP) to automatically identify and redact personally identifiable information (PII) such as name, age, address, and blood type, to protect sensitive data, in line with privacy regulations such as the GDPR, without the use of 3rd party cloud providers or new infrastructure. The company’s solution integrates with clients’ existing workflows and infrastructure—on-premises, web, or mobile, using only three lines of code. Private AI’s NLP model de-identifies over 30 different categories of PII in 7 languages.

In May 2023, Private AI launched “PrivateGPT” , a privacy protection solution for LLM powered AI chatbots, including OpenAI’s ChatGPT, based on the company’s NLP de-identification technology. PrivateGPT acts as a privacy “layer” between the user and chatbot, and redacts over 50 types of PII from a user’s prompt before submitting the query to the AI.

Key Customers and Partnerships

Private AI saw a sixfold increase in revenue since January 2021 and reports that it serves companies ranging from startups to multi-billion-dollar enterprises.

The company partnered with Replica Analytics in May 2023 to develop a solution to enable healthcare providers to use patient data for analytics and insights while maintaining privacy.

Funding and Financials

In November 2022, the company raised USD 8 million in a Series A funding round led by BDC Capital. The funds were utilized to enhance the product with features to detect Personally Identifiable Information (PII) within documents, generate risk profiles, and develop a new self-service platform. The funds were also used to expand the company’s operation across Europe and new industries.

Private AI reported that its revenue grew 80% quarter over quarter (QoQ) over 2021-2022.