Funds for Data Anonymisation Firm

UK-based start-up firm Anon AI has won £340,000 in pre-seed funding from UCL and a number of other investors, to help develop its AI-based data anonymisation software.

Anon founders CTO James Arthur (pictured left) and CEO Harry Keen (right) worked together previously at online retailer Opendesk, of which Arthur was a co-founder.

The £50m UCL Technology Fund is managed by Albion Capital and was launched two years ago - this is its fourth investment in an AI (artificial intelligence) business. Anon will also be able to tap the expertise of UCL academics in machine learning and cognitive neuroscience, according to news site www.cbronline.com .

Also backing the company are London Co-Investment Fund (LCIF), AI Seed, Ascension Ventures, cyber-security accelerator CyLon and MIdlands-based incubator post Urban Ventures. David Grimm, Investment Manager at UCL Technology Fund, says: 'Organisations are drowning in data and will face extensive compliance requirements once GDPR comes into effect next year. Anon AI addresses the dual challenge of maintaining the security of mass personal data and preserving innovation'.

Keen says the company has a 'waiting list of potential clients' and comments: 'This investment will enable us to create a tool that addresses one of the biggest challenges facing businesses today: avoiding the potentially catastrophic consequences of a data breach, while tapping into a vast source of opportunity'.

Web site: www.anon.ai .