Secretarium is a privacy-respecting platform designed to enforce consent before processing private data.
Business overview
Location | London, United Kingdom |
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Social media | |
Website | secretarium.com |
Sectors | Data & Analytics Digital Mixed B2B/B2C |
Company number | 10406018 |
Incorporation date | 1 Oct 2016 |
Investment summary
Business highlights
- Disruptive cyber-technology applicable to any online services
- First revenues from prestigious institutions (Banks, Telco)
- Successfully passed banking IT security audit
- Experts in Investment Banking IT and Life Science Big Data
Idea
Introduction
We use cryptography and technology to power the coming privacy revolution. Historically, people have seen their private data monetised with dubious consent. B2B processes are under-automated whenever handled data is sensitive. Governments have sparked this privacy revolution driven by growing societal concerns with clear privacy legislation to combat data misuse.
Business don’t only need to protect their own data; they also need to protect their customers’ data in the face of ever-increasing data regulation.
We present Secretarium, a platform using cutting-edge cryptographic and peer-to-peer technology, allowing companies to comply, and for the public to take back control of their digital self.
Secretarium provides cryptographic evidence on how, and by whom, data is processed on remote machines. It has been designed to be practical and to scale, running applications on ciphertext, and we aim to bring disruption into finance, healthcare, and all online services making use of confidential data.
Intended impact
We are not Dropbox. We are not WhatsApp. We don't just encrypt our client’s data; we can also do complex tasks on it without anyone being able to see what's happening. We are passionate about restoring the right to privacy. This is why we protect our client’s secrets, even from us, giving them full control of their data.
Processing data encrypted opens up new opportunities, whether in healthcare, banking or social media, to name but a few. It unlocks automated B2B processes, whenever handled data is commercially sensitive. It provides value and new insights for people, companies and society whenever existing privacy concerns strongly limit the use and sharing of data.
By tying our hands with a technology that prevents us from monetising our client’s data, we are building a platform to facilitate B2B, then B2B2C privacy-driven services. We expect that this will allow us to finally pivot into B2C, demonstrating consent to process personal data and offering banking-grade data protection for all.
Substantial accomplishments to date
Secretarium was founded by the former leaders of blockchain & privacy research at a major investment bank. Their background is crypto and derivatives trading systems.
Secretarium presented “DANIE”, a data quality benchmark application based on its technology to a consortium of 6 major European banks and data vendors in July 2018, of which 2 decided to pay for a trial. It successfully passed all security reviews, functional tests, performance, scalability tests, and penetration tests. The application is expected to go live in Q2 2020, as part of a Build-Operate-Transfer agreement. It would include service fees in Q1 2020, a one-time payment IP transfer and a henceforth recurring license fee to operate the DANIE utility.
Secretarium also successfully presented “SFX” in July 2019, a business process automation product for commodity trading in cooperation with its partner Swisscom AG to a major commodity firm, and has secured a 300k CHF contract to build a utility for Swisscom AG, which will then also result in recurring license fees following its go-live in Q2 2020.
Intel has subsidised Secretarium with hardware to create one of the 1st confidential computing labs in Europe, located now in Swisscom data centres in Zurich & Basel (CH), as part of a shared go-to-market MOU, and enjoys free marketing due to its alignment with Intel, Swisscom, and SocGen (which incubates Secretarium).
Secretarium is also exploring a number of projects in banking KYC and life sciences.
Monetisation strategy
As part of build-operate-transfer contracts, we currently sell applications we build for our customers.
Our platform has two ways of generating revenues:
- when hosting third-parties’ applications, we derive revenues similarly to Apple with its AppStore, we can charge an annual fee to host the application and a license fee proportional to the usage of the application.
- we aim to create the personal data/identity/social network application. We aim to derive revenues from businesses and individuals when they request consent to process personal data. We expect that the fee would vary from a few cents to hundreds of £ (e.g DNA analytics), of which a substantial portion would be credited back to the individual.
In the long run, we believe that this second stream of revenues will be our main revenue stream as we target individuals, worldwide, who want to control their data, monetise it for themselves, or just facilitate the automation of processes that today are intrusive (credit check, proof of identity/honesty, healthcare).
Use of proceeds
The proceeds will be used to fund the engineering enhancements & marketing of Secretarium necessary for its go-to-market.
This includes the improvement of our platform, engineering enhancements necessary to automate the deployment of applications. First for our existing clients, but also to make Secretarium available for trial, accelerating the onboarding of our new clients.
The proceeds will also be used to do the marketing for this platform, facilitate its adoption, and prepare the next round of investment.
We are a lean startup, incubated by Société Générale, for free; we do not have debt. As a software company, 65% of the proceeds will fund salaries. This includes the founders (all engineers), front-end developers, core developers, as well as a head of marketing and sales. Infrastructure relies on common hardware and costs will represent 10% of the proceeds. The remaining will be used for client on-boarding, external marketing and communication.
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