Nearly two years since raising “millions” in funding, Berlin based AI startup Statice has had a significant minority stake acquisition (nearly 50%) from one of Germany’s leading auditing and consulting services, PwC Germany.
“This investment enables us to accelerate the development and distribution of our offerings in the finance, insurance and healthcare industries" says Omar Ali Fdal, CEO of Statice. "With this cooperation, we will combine Statice's data protection expertise and PwC’s extensive knowledge of the enterprise to help both new and existing Statice clients to better drive agility and to address modern data access challenges.”
For the past three years, Statice has been comercialising data anonymisation solutions. What this translates to in English: they make it possible for organisations to harvest valuable business data and analytics from sensitive (read:personal) information, while minimising privacy risks. Statice’s own AI generated data contains no original data and is thus compliant for usage in product development, business intelligence and data collaboration.
In other words, it’s a clever way to work within the General Data Protection Regulation (GDPR) regulations.
“We have recognised the challenges companies face when dealing with their data and are constantly designing new strategies and tools for this purpose. Thanks to the technology and methodology for data anonymisation that we will be able to provide in the future through our participation in Statice, companies will be able to mine their data treasures in a GDPR-compliant manner,” explains Dr Ulrich Störk, Chairman of the Management Board at PwC Germany.
No monetary figures were attached to the minority stake acquisition.