Niobium: $5.5 Million Closed To Commercialize FHE Accelerator Chip

By Amit Chowdhry ● May 12, 2024

Leading custom silicon provider Niobium has announced the completion of a $5.5 million seed funding round. This funding round was led by Fusion Fund, a venture capital firm known for backing technology companies that leverage data advantages. In connection with this funding round, Niobium welcomed new board member Shane Wall, Fusion Fund partner and president of CXO Network, former CTO of Hewlett Packard, and Global Head of HP Labs. The company’s notable investors, including Morgan Creek Capital, Rev1 Ventures, Ohio Innovation Fund, and Hale Capital, contributed to the round.

Niobium will utilize this funding round to develop commercial applications for FHE acceleration, including healthcare and pharmaceutical research, financial fraud detection, blockchain public ledgers, digital advertising, and other use cases where sharing and analyzing data while maintaining complete privacy is paramount. Niobium also plans to grow its software engineering team, expand existing IP protection, and continue to optimize its FHE hardware products.

The company also revealed an expansion of its board of directors. This round also marks a major step toward future growth and development.

Niobium is transforming the field of Zero-Trust Computing with its innovative cryptography hardware. A fully homomorphic encryption (FHE) hardware accelerator is at the forefront of its product portfolio. This technology enables computing on encrypted data, providing a mathematical data privacy guarantee. Plus, Niobium’s purpose-built hardware acceleration for FHE is performance-led for the fastest FHE acceleration, unlocking new possibilities for the data economy.

Niobium originally spun out of Galois (a consultant group leading advanced cryptography and privacy research and development). And the Niobium founders created a dedicated team of the world’s most advanced cryptography experts and talented chip designers to bring its FHE accelerator chip to market. Niobium has received significant non-dilutive capital in the past two years through federal programs focused on developing the first dedicated hardware capable of advancing FHE into commercial applications.

Niobium’s integrated custom silicon for FHE is a PCIe card based on Niobium’s FHE System on a Chip (SoC) that can be inserted into any existing cloud server to accelerate the performance of FHE software solutions by up to four orders of magnitude. This keeps data completely private and confidential and eliminates the possibility that encrypted data could be stolen while being processed.

The company will showcase this solution to customers and begin pilots in Q4 2024.

KEY QUOTES:

“Securing this financing validates the groundbreaking work we’re doing at Niobium and propels us into the next critical phase of bringing our FHE accelerator chip to market. Our vision of redefining data privacy and security through advanced cryptography is now closer to reality. This investment enables us to fast-track the exploration of applications that require absolute data privacy, opening new possibilities for confidential computing across various industries. We are thankful to our investors for sharing our vision of a more secure and private digital future.”

  • Kevin Yoder, president and CEO of Niobium

“I am thrilled to join the board of Niobium, a company that stands at the forefront of privacy technology with the world’s first FHE accelerator chip. The potential of computing encrypted data without compromising an individual’s privacy is immense, and Niobium is leading the charge in making this a practical reality for businesses worldwide. Fusion Fund is proud to support Niobium’s journey towards commercializing their technology, which we believe will play a crucial role in shaping the future of secure computing.”

  • Shane Wall, Niobium’s Chairman and Fusion Fund partner
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