Pyte, the secure computation platform for data-first global enterprises, secures $5million in funding, bolstering its total funding to more than $12 million.
Myriad Venture Partners led the investment, while other participants included Innovation Endeavours, Pillar VC, and Liberty Mutual Strategic Ventures.
Organisations increasingly rely on data collaboration in today’s interconnected business ecosystem to maximise performance and produce new insights. To support their generative AI efforts, 40% of businesses in an IDC global survey said they are looking to collaborate with other businesses in a data exchange/data clean room, in addition to the use cases they currently have in marketing, advertising, and analytical operations.
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Organisations must safeguard the confidentiality of the data and the algorithms used to produce insights in each of these use cases. Data storage expenses and overall business expenditures might rise dramatically as a result of the difficulties in preserving compliance, security, and privacy.
Sadegh Riazi, founder and CEO of Pyte said, “While companies across industries pursue data collaboration for various reasons – from consumer brands refining ad campaigns, to fintech enterprises revolutionizing digital payments – conventional data-sharing methods often compromise privacy, intellectual property (IP) and security by centralizing data into vulnerable environments or leaking data, With our patented Secure Multiparty Computation (SMPC) technology, enterprises can utilize, collaborate and run computations on sensitive data while guaranteeing the privacy and security of the data.”
For businesses looking to use and collaborate on sensitive data, Pyte is the next generation safe computation solution. The technology of the company is based on advances in cryptography and is the product of ten years of research.
Without ever requiring the sensitive data to be relocated or decrypted, Pyte’s patented SMPC technology makes it straightforward to perform sophisticated artificial intelligence (AI) or machine learning (ML) computations on encrypted data. As businesses leverage their data across cloud environments, partners, and territories, this guarantees intellectual property protection and protections against leaks and sharing.
Pyte’s efforts to commercialise its technology in new areas will be fueled by this newest funding, with a major focus on highly regulated sectors like financial services and healthcare. By enabling secure utilisation and cooperation, Pyte enables all businesses to fully utilise their data without having to worry about incurring additional expenditures for data management. This eventually creates parity in the global data economy.It’s possible that this could be the case.
Dean Mai, co-founder and managing partner for Myriad Venture Partners said, “The ability to safely collaborate and derive insights from sensitive data is increasingly critical for driving innovation, efficiency and competitive advantage in a data-centric economy, Pyte enables unprecedented levels of secure data collaboration, particularly in the industries where data security and compliance are paramount. This is a remarkable feat of cryptographic engineering, and we’re excited about the immense value of data that organizations across industries will unlock with Pyte.”
Lynne Schneider, research director, Data as a Service & Data Marketplaces at IDC said, “Data is the fuel of digital transformation, but it also comes with challenges of privacy, security, and trust. To maximize the value of its data, organizations must be prepared to share and analyze data with partners, customers, or competitors without compromising these data assets or exposing sensitive information, Pyte’s solutions, utilizing advanced developments in cryptography, allow companies to pursue data collaboration opportunities with the confidence that the data will not be compromised.”
About Pyte
Pyte is a provider of secure data collaboration solutions; it was formerly known as CipherMode Labs. With the company’s state-of-the-art technology, data providers and marketers may work together, match, and do calculations on encrypted data without having to first decrypt it at any stage of the data lifecycle.
Their solution ensures privacy compliance and prevents data breaches while enabling organisations to leverage their data across cloud environments, partners, and territories with ease.
