The UCL Technology Fund has invested in Anon AI, the data anonymisation software developer, as part of a £340,000 pre-seed round in partnership with the London Co-Investment Fund (LCIF), AI Seed and Ascension Ventures.

Anon AI is developing software to automate data anonymisation and help developers and data scientists share data securely. The protection of personal data is a big concern for companies and the pressure to maintain data security will intensify when the General Data Protection Regulation (GDPR) comes into force in May 2018.

The investment will enable Anon AI to enhance its prototype model and build a ‘best in class’ developer tool, in partnership with the UCL community. The team, led by Harry Keen (CEO) and James Arthur (CTO), will work with the university to advance its machine learning techniques and engage with public policy as GDPR goes live. 

Dr Fintan Nagle, a machine learning researcher in UCL’s Institute of Cognitive Neuroscience, will work with Anon AI to enhance the natural language processing capabilities of its software. His AI expertise will steer the development of bespoke data classification and normalisation systems.

Anon AI is the fourth AI business the UCL Technology Fund has invested in to date, and the first in partnership with LCIF. The fund was launched in January 2016 to support academics whose research has commercial potential, with funding for early stage proof of concept, licensing projects and new spinout companies. The fund is managed by Albion Capital in collaboration with UCL Business and is dedicated to bringing UCL’s world-class research in life and physical sciences to commercial reality. 

David Grimm, investment manager, 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. Its experienced team and cutting edge AI software give it an excellent opportunity to take an industry leading position in a market which stands at £30m+ in the financial services industry alone.”

Harry Keen, CEO, Anon AI, says: “We are excited to be working with UCL’s machine learning experts to create intelligent, commercially viable software, which we can begin rolling out to our waiting list of potential clients. 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.”