A Canadian enterprise software startup CryptoNumerics, with a Pakistani being one of the co-founders, has been acquired by a world-leading cloud data platform Snowflake. While the transaction closed in late July, no financial terms of the acquisition have yet been disclosed by either company.
Besides the Pakistani founder Hassan Bhatti, other co-founders of CryptoNumerics include Monica Holboke, Jimmy Fan, and Roberto Betancourt. The startup was aimed to enable businesses to create privacy-protected datasets with quantifiable privacy risk. In addition, it enabled the building of statistical and machine learning models that protect people’s privacy.
“Regulations like HIPAA, GDPR, and Data Residency requirements restrict your ability to conduct data science as a business; CryptoNumerics removes these restrictions,” said Hassan Bhatti. “Our team consists of engineers and visionaries with previous experience in C-Level roles at Fortune 500 companies, founding teams of venture-backed growth stage start-ups, and accomplished R&D leaders,” he added.
Besides his leadership role in the company, Hassan Bhatti helped structure and finalize the deal with Snowflake which is a leading pre-IPO tech company expected to be the top IPO of 2021. The company is backed by leading VCs such as LUX capital with its customers including some of the Fortune 500 companies.
CryptoNumerics was a market creator and one of the first companies to bring privacy and cryptography technology to data collaboration and data science. It was created with the goal of ensuring that data is useful and relevant to businesses without being compromised.
The company was named one of the Canadian Innovation Exchange’s top 20 most innovative startups in the country in September 2019. It raised a $3.5 million seed round with 11.2 Capital, an early-stage VC firm based in San Francisco focused on investing in enterprise software security in March 2020.
No details of the acquisition have been made public yet either by CryptoNumerics or Snowflake. CryptoNumerics’ website also only states that the company has joined Snowflake, asking visitors to ‘stay tuned for more information’. Any new information on the acquisition terms will be shared here as soon as it is received by ProPakistani.