Pyte, a secure computation platform for data-first global enterprises, today announced $5 million in additional capital, bringing the total funding to over $12 million. This funding round was led by Myriad Venture Partners with participation from Innovation Endeavors, Liberty Mutual Strategic Ventures, Pillar VC, and others. Dean Mai (co-founder and managing partner for Myriad Venture Partners) will also join Pyte’s Board of Directors.
With today’s interconnected business ecosystem, organizations increasingly depend on data collaboration to generate new insights and maximize results. Organizations also have to protect the privacy of the data and the algorithms that generate insights. The challenges in maintaining privacy, security, and compliance can significantly increase data storage and overall business costs.
Pyte is known as the next-generation secure computation solution for enterprises that want to utilize and collaborate on their sensitive data. The company’s technology is the result of a decade of research built upon advancements in cryptography.
Pyte’s SMPC technology makes it easier to run simple or complex AI/ML computations on encrypted data without moving or decrypting the sensitive data. This ensures IP safeguards and protection against leaks.
This funding round will drive Pyte’s efforts to commercialize its technology in new industries, with a primary focus on highly regulated sectors such as financial services and healthcare. And Pyte empowers all enterprises to harness the full potential of their data through secure utilization and collaboration, without the burden of increased data management costs, leveling the playing field in the global data economy.
Last year, Pyte launched SecureMatch, a data collaboration platform that ensures customer data remains protected and encrypted throughout the computation process. Pyte achieved SOC 2 compliance for its platform, emphasizing its robust data controls related to security, availability, processing integrity, confidentiality, and privacy.
KEY QUOTES:
“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.”
- Sadegh Riazi, founder and CEO of Pyte
“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.”
- Dean Mai, co-founder and managing partner for Myriad Venture Partners
“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.”
- Lynne Schneider, research director, Data as a Service & Data Marketplaces at IDC
