Blockfenders, a data analytics startup, today announced a $1.5 million pre-seed investment round from a variety of institutional and entrepreneurial investors to address this deadlock and help businesses achieve their objectives.
Headquartered in Palo Alto, Blockfenders was co-founded in 2022 by friends of 20 years Viraj Phanse and Niranjan Ingale with the aim of making it easier to securely exchange data across borders. Both co-founders have extensive global experience in the tech industry, with Viraj having held leadership roles at AWS, Oracle, Persistent and Aerospike, and Niranjan leading engineering teams at AllScripts and Persistent.
In just nine months, Blockfenders has grown to a team of 10 and plans to use its pre-seed funding to grow the team further, build new capabilities like supporting multiple data sources and tokenization, and expand its presence in industries such as healthcare, banking and financial services, enterprises, and technology.
It speeds up transparent data agreements and automates data procedures. Blockfenders uses end-to-end encryption, tamper-proof raw data, and boosts data utility at 80% reduced prices to reduce risks connected with data sharing.