Pyte, a company specialising in secure computation platforms, has announced it has raised an additional $5m in funding, bringing its total funding to over $12m.
The latest funding round was led by Myriad Venture Partners, with participation from Innovation Endeavors, Liberty Mutual Strategic Ventures, and Pillar VC, among others, according to InsurTech Insights.
Founded in 2021, the Los Angeles-based offers a unique solution that enables markets and data providers to collaborate, match, and run calculations on sensitive data without ever decrypting it.
This ensures that companies can utilise their data across sensitive areas, including cloud environments, while maintaining privacy compliance and safeguarding against data breaches. The platform also protects sensitive intellectual property (IP).
With the new funds, Pyte intends to commercialise its technology across new industries, focusing particularly on highly regulated sectors such as finance, healthcare, and insurance.
Sadegh Riazi, founder and CEO of Pyte, commented, “While companies across industries pursue data collaboration for various reasons – from consumer brands refining ad campaigns, to fintech enterprises revolutionising digital payments – conventional data-sharing methods often compromise privacy, intellectual property (IP) and security by centralising data into vulnerable environments or leaking data. With our patented Secure Multiparty Computation (SMPC) technology, enterprises can utilise, collaborate and run computations on sensitive data while guaranteeing the privacy and security of the data.”
Dean Mai, co-founder and managing partner for Myriad Venture, reflected on Pyte’s unique solutions, “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 organisations across industries will unlock with Pyte.”
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