XAIN, which helps businesses make full use of AI without compromising data privacy regulations, has received an investment from IOTA founder Dominik Schiener.
The value of the investment was not disclosed but was made up entirely of cryptocurrency.
Data privacy and security measures require that when building or training AI, different parties’ data are kept separately, or data is made anonymous. XAIN claims this impacts the effectiveness of AI applications.
The company solves this issue by training data into separate AI models which are securely aggregated. Learnings of the data buckets are communicated and aggregated but only the aggregations are stored.
Through its Federated Machine Learning (FedML) service, datasets and AI models can be kept on local premises without impacting compliance. Different parties can collaborate to fain insights from the union of their datasets without revealing the identity of the data to anyone.
Its technology can be used both internally by companies and externally for the use in products. One of the first applications for XAIN’s technology was for automated invoicing processing which consolidates information from each customer while keeping their data private.
XAIN CEO and co-founder Leif-Nissen Lundbaek said, “We are thrilled to have received Dominik’s support. With IOTA, Dominik has created a remarkable open-source source ecosystem. We see the open-source approach as relevant to our technology and hope to benefit from Dominik’s expertise. Having him on board helps propel us forward in our quest to provide an open and privacy-preserving AI technology. XAIN’s FedML solution will ensure the truly scalable and effective adoption of AI.”
