Cloud-based information warehouse firm Snowflake on Tuesday introduced its intent to accumulate safe data-sharing software program supplier LeapYear Applied sciences in an effort to spice up its information clear room capabilities.
What’s a knowledge clear room?
Information clear rooms are software program frameworks that permit totally different organizations to collaborate on information evaluation by permitting a number of events to research information units with out disclosing the uncooked information to 1 one other.
“To additional our mission of mobilizing the world’s information — together with a number of the most delicate information — Snowflake is saying its intent to accumulate LeapYear, a differential privateness platform, and produce the LeapYear workforce and know-how into Snowflake to assist our prospects leverage beforehand off-limits information,” Carl Perry, director of product administration at Snowflake, wrote in a weblog put up.
Differential privateness permits for safe information sharing
Differential privateness is basically a time period used to explain programs that permit customers to share details about a knowledge set by describing patterns throughout the information set, with out sharing any particular person or personally identifiable info from the information set.
The addition of LeapYear’s differential privateness platform to Snowflake will increase its International Cean Room choices, Perry wrote.
Information clear rooms have been in demand because of information privateness laws such because the European Union’s GDPR, as these software program frameworks permit enterprises to collaborate, perceive shopper information whereas nonetheless being compliant with laws.
Another excuse for the rising recognition of knowledge clear rooms is that they provide enterprises the power to research massive volumes of aggregated information.
“Leaders within the media and promoting industries, corresponding to Disney, NBCUniversal, Acxiom, OpenAP, and Roku use Snowflake International Information Clear Rooms to open up protected, auditable collaboration alternatives throughout organizations,” Perry wrote. “This has additionally opened up new collaboration alternatives for organizations throughout different industries, like retail and CPG [consumer packaged goods.”
The market size for data clean rooms stood at $4.4 billion at the end of 2021, data from Transparency Market Research shows.
Several other companies, including AWS, Microsoft, Google and Databricks, also offer clean room capabilities.
The intent to acquire LeapYear comes just a month after Snowflake agreed to acquire artificial intelligence-based time series forecasting platform provider Myst AI, taking the company’s acquisition count to seven companies in three years.
In August 2022 it bought AI-based document understanding platform Applica, based inPoland, to help enterprises handle unstructured data.
Other acquisitions included Streamlit (March 2022), Polish custom software company Pragmatists (January 2022), Polish digital products development studio Polidea (February 2021) and Canadian data anonymization company CryptoNumerics (July 2020).
San Francisco-based LeapYear Technologies, which was founded in 2014 by Christopher Hockenbrocht, Colton Jang, Ishaan Nerurkar, has raised $53.2 million in funding to date. Investors in the company include venture capital firms such as Bain Capital and Lightspeed.
As part of the acquisition, LeapYear’s team is expected to join Snowflake, Perry wrote.
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