Information alert: Silence Laboratories raises $4.1M for brand new privacy-preserving cryptography platform – Cyber Tech

SINGAPORE – Feb. 29, 2024.  Within the trendy age, massive corporations are wrestling to leverage their prospects’ knowledge to supply ever-better AI-enhanced experiences.

However a key barrier to leveraging this chance is mounting public concern round knowledge privateness, as ever-greater knowledge processing poses dangers of information leaks by hackers and malicious insiders.

Silence Laboratories is on a mission to create infrastructure to allow complicated knowledge collaborations between enterprises and entities, with none delicate info being uncovered to the opposite participating events. Silence Laboratories right now broadcasts it has raised a further $4.1 million funding spherical led by Pi Ventures and Kira Studio, together with a number of outstanding angel traders.

Leveraging trendy cryptography, the corporate already has one of many quickest distributed signature (authorization) libraries in manufacturing (Silent Shard), which has been audited by a number of the finest safety auditing corporations like Path of Bits. These libraries have led to the institution of robust partnerships with main digital asset infrastructure and protocol corporations like BitGo, MetaMask, EigenLayer, Biconomy, and EasyCrypto.

Merchandise on provide by the corporate embrace Silent Shard which permits enterprises and customers to restrict the danger of exposing delicate personal keys and permits superior authorisation guidelines to be put in place. Moreover, the newly launched Silent Compute product permits totally different organisations to collaborate on processing info while not having to show their secrets and techniques and knowledge to 3rd events and enrich insights whereas sustaining compliance and belief. Each the merchandise makes use of multi-party computation (MPC) as its core cryptographic primitives.

Commenting on the announcement, Silence Laboratories CEO and founder Dr. Jay Prakash stated: “In right now’s digital ecosystem, belief, and privateness aren’t merely choices however imperatives for sustainable development. With this new injection of funds, Silence Laboratories is poised to redefine privateness by enabling companies to completely embrace the ability of AI whereas rigorously defending their most important asset – buyer belief. Our privacy-enhancing applied sciences guarantee that collaboration and innovation can flourish in an atmosphere the place the confidentiality and integrity of information are uncompromised.”

Prakash

With the marketplace for privacy-enhancing applied sciences (PETs) rising globally at a compound annual development price of 26.6%, there may be rising demand for Silence Laboratories providing to supply mathematical ensures for techno-legal expectations. This could permit corporations to work collectively on processing knowledge, while not having to share knowledge with the opposite celebration – permitting extra sectors to learn from new know-how, with much less danger.

Shubham Sandeep, Managing Director at Pi Ventures, commented: “Safe knowledge collaboration to allow privateness preserving compute is an ever rising drawback particularly in extremely regulated domains resembling finance and healthcare. This requires options based mostly on zero belief cryptographic ensures as an alternative of counting on third celebration knowledge distributors who’re susceptible to safety breaches. The MPC infrastructure developed by the world class staff at Silence Laboratories is the quickest on the earth, simply configurable, utility agnostic and offers full management to the consumer. We’re excited to double down on our funding as now we have seen the incredible progress of the corporate during the last 18 months.”

The funding shall be used to scale the corporate’s tech & enterprise groups and enrich the corporate’s strong R&D pipeline. Based in 2021 by Dr. Jay Prakash (CEO), Dr. Andrei Bytes (CTO) and Dr. Tony Quek; the agency has additionally lately been increasing its international management staff throughout cryptography, infrastructure enterprise and engineering.

“The Silence staff is an incredible staff with deep cryptography experience and is engaged on a set of groundbreaking merchandise in privateness and authentication infrastructure and I’m actually excited to assist their journey. Privateness-preserving infrastructure mixed with blockchain and fintech rails goes to be enormous!” shared Anurag Arjun, from Kira Studio and Ex Co-founder of Polygon.

For additional info please contact the Silence Laboratories press workplace: Bilal Mahmood on b.mahmood@stockwoodstrategy.com or +44 (0) 771 400 7257

About Silence Laboratories: Began in 2021 by Dr. Jay Prakash (CEO) and Dr. Andrei Bytes (CTO), Silence Laboratories is a privateness tech firm that allows enterprises to undertake privacy-enhancing applied sciences by way of a novel fusion of cryptography and safety engineering. Their mission is to allow a worldwide privacy-compliant collaboration infrastructure that might allow enterprises to collaborate, and trade inferences whereas eradicating all single factors of failure.

The corporate has been based by a robust technical and enterprise staff together with PhDs and researchers with earlier affiliations on the Massachusetts Institute of Know-how (MIT), USA; Singapore College of Know-how & Design (SUTD) & Nationwide College of Singapore (NUS); College of Illinois Urbana-Champaign (UIUC), globally top-ranked Seize The Flag (CTF) groups, and main tech corporations. Study extra about their work: https://silencelaboratories.com

Media contact: Bilal Mahmood, Stockwood Technique, Mob: +44 (0) 771 400 7257

February twenty ninth, 2024 | New Tech | Information Alerts