TORONTO, December 6, 2023 – Private AI, a leading provider of privacy-preserving software solutions, has been recognized as one of the RegTech100 for the second year in a row. The 2024 list showcases the most innovative and disruptive businesses in the regulatory technology space that are seeking to help financial institutions manage the fast-paced changes brought on by ongoing regulatory updates and technological advances.
Private AI offers a unique way of detecting Personally Identifiable Information (PII), Protected Health Information (PHI), and Payment Card Industry (PCI) data. Unlike typical regular expression-based approaches, Private AI relies on understanding the context to determine what is identifiable and what is not. This approach enables customers to solve problems for a wide range of data types, including simple database records and complex legal contracts, as well as multiple languages (52 and counting), media formats (text, audio, and documents), and software deployments like LLMs, all through a single API which runs within the customers’ environment. As a result, Private AI enables control and understanding of data at ingest and anywhere within an organization’s software pipelines, so PII can be dealt with proactively rather than as an afterthought.
“We are delighted to once again be recognized as a part of RegTech100,” said Patricia Thaine, CEO and Co-Founder of Private AI. “At Private AI, we are dedicated to safeguarding every piece of data, no matter its format or language, ensuring that it remains secure and properly utilized.”
Amid high inflation, private investment slowdown, and spectacular examples of compliance fines and poor risk management, the RegTech sector demonstrated resilience and maintained its strong growth trajectory. Research by Fortune Business Insights found that the sector is anticipated to grow from $12.82bn in 2023 to $60.77bn by 2030, at a CAGR of 24.9% over the period.
The selection process for this year’s RegTech100 was the most competitive yet, with a wide and diverse range of companies to choose from. A panel of analysts and industry experts assessed a longlist of nearly 1,400 businesses, which was produced by RegTech Analysts. They sought to highlight the technological solutions every compliance, risk and innovation leader in financial services must be in the know about in 2024.
RegTech Analyst Director of Research Mariyan Dimitrov said, “With tougher economic climate and the continued rise of AI, financial institutions are re-examining the compliance software’s true cost, namely whether a given RegTech solution truly will free up compliance staff for higher-level tasks and whether the software can scale, adapt, and get implemented efficiently.”
“This year’s RegTech100 list highlights the leading companies in areas such as information security, compliance, risk management and fraud prevention working on the forefront of innovation and new AI implementations who have demonstrated a strong track record delivering regulatory and operational improvements in financial services,” said Dimitrov.
A full list of the RegTech100 and detailed information about each company is available to download for free at www.RegTech100.com.
About Private AI
Founded in 2019 by privacy and machine learning experts from the University of Toronto, Private AI’s mission is to create a privacy layer for software and enhance compliance with current regulations such as the GDPR. Identifying, reducing and removing privacy risks using AI, Private AI allows companies to unlock the value of the data they collect and better understand it – whether it’s structured or unstructured data. Private AI is backed by M12, Microsoft’s venture fund, and BDC, and has been named a World Economic Forum 2023 Technology Pioneer, GartnerⓇ Cool Vendor™ in Privacy, as well as one of the 2022 CB Insights AI 100, CIX Top 20, Regtech100, and more. Learn more at: https://www.private-ai.com/
