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Tag: Skyflow

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Skyflow, a Leader in PII Data Privacy & Security, Rapidly Expands in India in the wake of DPDP Law

Jul 9, 2024 by Mansi 0 Comments #Anshu Sharma, #DPDP Law, #Skyflow, #Vinod Khosla

Bangalore, India, July 09, 2024 — Skyflow, the data privacy vault company, announces significant growth in its India operation, backed by a consolidated $95 million funding from top venture capital firms. This expansion is driven by Indian businesses’ proactive efforts to comply with the recently enacted Digital Personal Data Protection (DPDP) law that has massive fines of 250 crores for non-compliance. The new legislation, which emphasizes the protection of personally identifiable information (PII), has led to a successful expansion of Skyflow’s presence in India to meet the critical needs of companies in the B2C space such as BFSI, e-commerce, healthcare, etc. in India.

In 2023, despite advancements in digital infrastructure, data breaches remained a major global concern. The Data Security Council of India’s report disclosed over 400 million cyber threats, averaging 761 detections per minute. Technological advances, especially in AI, posed significant risks, with 38% of Indian companies feeling highly vulnerable, prompting increased investments in protecting the customer’s sensitive data.

Readiness towards upcoming DPDP law is now a boardroom priority for most Indian companies, as they grapple with the challenge of discovering and protecting PII data due to historical inconsistent data management practices and widespread PII sprawl. The DPDP Act is set to impact both individuals and organizations significantly. It calls for increased accountability for organizations and imposes strict obligations on data fiduciaries to handle data responsibly, securely, and transparently. It also requires organizations to implement robust data protection measures, conduct impact assessments, and notify data breaches, leading to increased operational diligence.

Skyflow’s PII data privacy vault provides unmatched privacy and security for customer PII and Aadhaar data, solving for compliance with the DPDP law. With Skyflow’s polymorphic encryption and zero-trust approach, organizations can ensure the protection of all of its customer PII data at all times. Skyflow also helps organizations solve Gen AI related governance, safety and privacy risks, thereby unblocking GenAI adoption for enterprises.

Founded in 2019, Khosla Ventures recently led a $30 million investment round, underscoring Skyflow’s pivotal role in protecting PII data, crucial for driving India’s digital economy growth. Additionally, Dentsu Ventures has joined the round and made a strategic investment to support Skyflow’s expansion across Asia, where countries such as Indonesia and Japan are implementing rigorous data privacy laws.

According to Anshu Sharma, Co-founder and CEO of Skyflow, “Protecting PII and Aadhaar is crucial. The recent enactment of the DPDP law has set stringent standards for data protection, making compliance essential for companies to avoid severe legal and financial penalties of up to INR 250 crores ($30M) per violation. We at Skyflow address these challenges by empowering businesses to not only comply with these rigorous data protection standards but also to exceed them. We are thrilled by the rapid adoption of our Data Privacy Vault technology in India, with demand tripling in the past year and projected revenue growth of fourfold in the coming fiscal year. Skyflow is dedicated to meeting today’s data protection needs and paving the way for a secure, innovative future.”

“The newly enacted DPDP law in India needs businesses to rethink how data is managed and protected across their applications, clouds and LLMs,” said Vinod Khosla, founder of Khosla Ventures. “Skyflow’s innovative approach to securing PII and Aadhaar data are critical for business compliance and in building trust in India’s fast growing digital economy.”

Skyflow is rapidly expanding in India and intensifying its investment in the local tech sector, fostering job creation and advancing state-of-the-art data protection & privacy-enhancing technologies. With a current team of 38 full-time employees (FTEs) in India, Skyflow plans to triple its go-to-market (GTM) team and aims to double its workforce by year-end. This expansion aims to enhance support for Indian businesses as they navigate the complexities of the DPDP law.

Skyflow serves a global clientele that includes major names like GoodRx, Lenovo, and Nomi Health, alongside strategic partnerships with industry leaders such as IBM, Plaid and Snowflake.

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Skyflow Raises $30 Million led by Khosla Ventures for Data Privacy in AI and Global Data Residency

Mar 29, 2024 by Gayathri Pariti 0 Comments #Khosla Ventures, #Large Language Models, #Skyflow, #Vinod Khosla

Skyflow, the data privacy vault company, has raised $30 million to extend its Series B funding. Khosla Ventures led the round, joined by prior investors Mouro Capital, Foundation Capital and Canvas Ventures. The investment follows revenue growth of more than 210% and quick adoption in the emerging market of sensitive data protection for Large Language Models (LLMs).

Skyflow_Funding

Skyflow is a data privacy vault built to radically simplify how companies isolate, protect, and govern their customers’ most sensitive data. With its global network of data privacy vaults, it is a comprehensive solution for companies looking to securely implement LLMs and meet complex data localization requirements. Skyflow supports nearly a billion records of user data for global customers like GoodRx, Lenovo, and Hippocratic AI, and processes more than two billion API calls quarterly.

“With the advent of enterprise applications powered by AI, the need for trust and privacy infrastructure is key to protecting sensitive data,” said Vinod Khosla, founder of Khosla Ventures. “Skyflow is rethinking how data can be managed and protected across any app, cloud or LLM, making it a company that will be vital for every enterprise business.”

“We see an urgent need for companies to make privacy a core part of their technology stack as LLMs and AI hurdle forward, ingesting more and more personal data,” said Anshu Sharma, co-founder and CEO of Skyflow. “Skyflow is the only solution that allows companies to build privacy by design into their technological infrastructure without overhauling anything – anywhere in the world.”

Skyflow is powered by a proprietary technology called polymorphic encryption, which is the only way of encrypting data on the market that makes it possible to protect data without sacrificing its usability for critical business operations, such as analytics, marketing, and customer support.

Data Privacy and Security is the #1 Barrier to Enterprise Adoption of Generative AI

LLM adoption is increasing across the market even though there are few data protection mechanisms in place, putting compliance, security, and privacy at risk. Once sensitive data enters a model it’s almost impossible to remove, which means something like a data deletion request – which many new privacy laws require companies to be able to execute – becomes much more difficult.

Skyflow acts as a privacy trust layer, helping companies prevent sensitive data from going into AI models in the first place. This makes the adoption of generative AI simpler and safer. Skyflow customers can define sensitive terms as they see fit, allowing them to protect sensitive information even beyond PII (Personally Identifiable Information) or company intellectual property.

Skyflow Now Offers Data Residency in China

Skyflow recently expanded its data residency solution to support China, enabling global companies to scale in Asia without significant changes to their technology stacks. This simplifies compliance with China’s most stringent data privacy and security regulations: Personal Information Protection Law (PIPL) and Cybersecurity Law (CSL).

Skyflow’s global data privacy vault infrastructure covers regional and national data localization requirements for more than 150+ countries already, allowing customers to isolate, protect, govern, and localize sensitive data easily wherever they operate.