Tiger Global invests in AI analytics platform founded by ex-undercover CIA
Devron was founded by Karthik Chopra, a former undercover CIA technical intelligence officer.
Devron has raised $12 million in a Series A financing round led by leading investment firm Tiger Global in order to fuel the adoption of its machine learning platform that enables businesses and governments to extract actionable insights from enterprise-wide, distributed data.
The fundraise also counted with the participation from existing investors FinTech Collective, Afore Capital, and Essence Venture Capital.
John Curtius, Partner at Tiger Global, said: “Devron’s technology has the potential to alter the data science and AI landscape. We are impressed with what Devron has accomplished in a short period of time and its ability to enable companies to efficiently and effectively derive greater value from more of their data.”
Inherent conflict over the use of personal data for targeting purposes
Founded in 2020 by Kartik Chopra, a former undercover CIA technical intelligence officer, Devron allows clients to unlock more data faster, wherever it resides.
Traditional data science and AI development depend on copying or moving data to a single location, which can be costly, risky, time-consuming and limited by privacy and regulatory constraints.
Karthik Chopra acknowledged those challenges, especially in the business community, where the inherent conflict over the use of personal data for targeting purposes has put large technology companies on the defensive.
Devron helps businesses access and organize structured and unstructured data such as images, by bringing the algorithms to the data to enable accurate analysis.
The platform allows users to process vast amounts of data concurrently while ensuring that confidential information remains protected and untouched.
Devron can be deployed to generate operational efficiencies, better risk profiling and management, and expanding customer wallet share and retention.
From preventive to predictive measures
With the ability to access data faster, Devron can help businesses move from preventive to predictive measures. Forecasting potential issues through machine learning will allow businesses to take a more proactive approach, reducing costs and increasing profitability.
Ian Peebles, Head of Business Development for North America for PS AI Labs, a Devron user and partner, commented: “Most companies see the tremendous potential of AI but struggle to realize the benefits. Devron allows us to accelerate AI projects and delivery of business value. By allowing access to more information faster and with less risk of data exposure, we can deliver better business decisions, greater efficiencies, and more competitive strategies.”
Karthik Chopra, Chief Executive Officer of Devron, said: “Understanding consumer patterns is the holy grail for any business,” said Chopra. “By enabling access to private data without moving, anonymizing, or compromising it, we’ve solved both the business and compliance challenges. It’s a breakthrough moment for the industry.”
David Murray, Chief Business Officer at Devron, added: “Superior insights are a genuine competitive differentiator, but powerful intelligence needs to be fueled by robust, reliable and comprehensive data. Devron empowers industry participants to unlock the trapped value of all their enterprise data to make informed, profitable and compliant decisions.”