Hazy clarifies $1m investment

Hazy, a UK-based data anonymisation developer spun out from University College London (UCL), received $1m yesterday from investors including M12, the corporate venturing arm of computer company Microsoft formerly known as Microsoft Ventures.

Notion also contributed to the funding round.

The spinout, previously known as Anon AI, received the money alongside credits to Microsoft’s cloud platform Azure. It was one of four businesses to win Microsoft’s Innovate AI competition.

Hazy is developing software that automates the anonymisation of data to enable secure data sharing. The technology is expected to have particular relevance once the EU’s General Data Protection Regulation (GDPR) becomes enforceable later this month.

GDPR severely restricts what companies can do with personally identifiable data and carries large fines for non-compliant businesses.

Hazy will use the money to boost its machine learning software as it prepares for increased demand ahead of the GDPR’s introduction.

The spinout previously raised $463,000 in a pre-seed round in January 2018 supported by the UCL Technology Fund, the university venture fund of UCL, publicly-owned London Co-Investment Fund, AI Seed and Ascension Ventures.

Harry Keen, chief executive of Hazy, said: “This award is both an excellent achievement and an immense boost, which provides a platform to drive our growth strategy.

“A $1m investment is transformational for our company and will enable us to further improve our developer tools and engage with a greater range of clients and prospects.

“Competition was extremely tough and we are grateful that Microsoft has recognised the potential of our software.”

Nagraj Kashyap, corporate vice-president and global head of M12, said: “Security is a top-line priority for Microsoft.

“Hazy’s ability to anonymise data in order to ensure platform users and the data they share is more secure is paramount to safeguarding user privacy. We look forward to watching this talented team grow.”