UK startup Hazy, which uses artificial intelligence (AI) to help businesses manage data and meet GDPR regulations, has won US$1 million in funding from a group of companies including Microsoft.
The company has won Microsoft’s Innovate.AI global startup prize, which is open to small firms using AI to solve problems and improve lives. Hazy took home the Europe prize, along with up to US$500,000 in Azure credits, Office 365 licences and US$1 million in funding from M12, Microsoft’s venture fund, and Notion Capital.
Hazy has created a more secure data sharing system that lets people track and manage who has access to information, and generates GDPR compliant legal agreements.
Harry Keen, chief executive of Hazy, wrote in a blog post: “It’s an amazing accolade for the Hazy team, which I’m proud to say is made up of some of the world’s best AI and machine learning experts, thanks to our partnership with UCL…Despite being little more than a year old, we’ve worked with clients ranging from startups to international banks and the UK government, and we’ve seen amazing interest in our technology from companies large and small. We’ll be putting the new funding to good use, as we continue the development of our product, which will see the rollout of our core anonymisation technology in the coming weeks.”