Statice GmbH, the AI startup specializing in privacy-preserving synthetic data, and PwC Germany, one of the leading auditing and consulting services organisations in Germany, announced a cooperation. PwC Germany has acquired a significant minority stake of nearly 50% in Statice and will support the Berlin-based technology company’s continued expansion.
Statice, founded in 2018, commercializes data anonymization solutions, enabling companies to derive value from sensitive data while minimizing privacy risks. Using the Statice software, companies can generate privacy-preserving synthetic data from sensitive data. This AI-generated data does not contain any of the original data and is thus compliant for usage in product development, business intelligence and data collaboration.
“We are excited to be partnering with PwC Germany to support Statice's next phase of growth. This investment enables us to accelerate the development and distribution of our offerings in the finance, insurance and healthcare industries" says Omar Ali Fdal, CEO of Statice. "With this cooperation, we will combine Statice's data protection expertise and PwC’s extensive knowledge of the enterprise to help both new and existing Statice clients to better drive agility and to address modern data access challenges.”
Data protection regulations such as the General Data Protection Regulation (GDPR) increase privacy compliance requirements for businesses and complicate the generation of insights from customer data. At the same time, the efficient use of data is a strategic priority for modern businesses and is central to their digital transformation.
“We have recognised the challenges companies face when dealing with their data and are constantly designing new strategies and tools for this purpose. Thanks to the technology and methodology for data anonymisation that we will be able to provide in the future through our participation in Statice, companies will be able to mine their data treasures in a GDPR-compliant manner,” explains Dr Ulrich Störk, Chairman of the Management Board at PwC Germany.
“In this way, we make it easier for companies to tap into new sources of revenue. In future, the data protection-compliant use and exploitation of data will be an integral part of many business models,” Störk explains the dimension of the investment. “At the same time, PwC Germany ensures data security and data sovereignty with the Statice applications. This is becoming increasingly important both for end users and for the business success of companies and is essential for trust in the digital transformation,” says Störk.
The offer is primarily aimed at companies in the financial sector, in insurance and health care as well as in telecommunications; in the future, it can also be applied in any other industry and sector.
Statice develops state-of-the-art data privacy technology that helps companies double-down on data-driven innovation while safeguarding the individuals' privacy. Thanks to the privacy guarantees of the Statice data anonymization software, companies generate privacy-preserving synthetic data compliant for any data processing. With Statice, enterprises from the financial, insurance, and healthcare industries can drive data agility and unlock the creation of value along their data lifecycle. Contact: [email protected]
PwC sees its mission as building societal trust and solving important problems. More than 284,000 employees in 155 countries contribute to this with high-quality, industry-specific services in the areas of audit, tax and management consulting.
The term PwC refers to the PwC network and/or one or more of the legally independent network firms. Further details under www.pwc.com/structure.